|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Business & Economy (Click here for more)

Deutsche Bank Reports Q2 Loss of €3.1 Billion due to Restructuring

FRANKFURT, Germany – Germany’s leading commercial lender Deutsche Bank registered on Wednesday a net loss of 3.1 billion euros ($3.4 billion) in the second quarter of 2019, largely down to massive restructuring that resulted in the dismissal of 18,000 employees.

The bank said the mass redundancies cost 3.4 billion euros overall in the second quarter, more than it had estimated.

“We have already taken significant steps to implement our strategy to transform Deutsche Bank. These are reflected in our results,” CEO Christian Sewing said.

“A substantial part of our restructuring costs is already digested in the second quarter. Excluding transformation charged the bank would be profitable and in our more stable businesses revenues were flat or growing.”

He said the stable or upward tick in revenues, combined with a solid capital and liquidity position, made for “a firm foundation for growth.”

Without the overhaul, second-quarter net income would have been 231 million euros and a pre-tax profit of 441 million euros, the bank said.

At the beginning of July, Deutsche Bank announced it would ax large portions of its trading desks in a move that would cut 18,000 jobs at a cost of 7.4 billion euros by 2022.

It calculated that the restructuring in 2019 would cost 5.1 billion euros overall in 2019 and 2.8 billion euros in the second quarter. It also forecast a net profit of 120 million euros in the same period, excluding the charges.

By cutting its workforce by 18,000, down to 74,000, the bank hoped to reduce costs by 6 billion euros to 17 billion euros by 2020.

The lender said the costs from the staffing overhaul would not affect its capital position and reported a Common Equity Tier 1 ratio of 13.4 percent.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2021 © All rights reserved