Deutsche Bank and Barclays: Trans-Atlantic Drift

27 April, 2018, 00:59 | Author: Otis Hoffman
  • The cuts will result in job losses and include a scaling-back of its business with hedge funds

The bank made the announcement after reporting a fall in net income to 120 million euros ($146 million) in the first quarter. It said it would scale back in areas where it "no longer has a competitive advantage". It will eliminate jobs in its investment bank, describing the cuts as a "material workforce reduction" through the rest of this year, without providing numbers.

Binance surpassed Germany's largest and one of Europe's biggest banks in profitability. German and European wealthy clients and companies will get more funding and attention from Germany's biggest bank, Deutsche Bank said. The firm presently has a $16.00 target price on the bank's stock.

Shares in Deutsche Bank plunged as much as 3.7% in Frankfurt, but the losses had been erased by mid-morning. LMR Partners LLP lifted its holdings in Deutsche Bank by 247.3% in the fourth quarter. The firm has a market capitalization of $29,451.51, a P/E ratio of -24.33 and a beta of 1.44.

Underscoring the problems at the investment bank, the trading revenue in the initial quarter fell by 17 percent from a year earlier, as compared with a 12 percent hike at US rivals. Adjusted for exchange rate movements, noninterest expenses were up 6%. All of the bank's major divisions saw revenue declines. Amundi Pioneer Asset Management Inc. bought a new position in Deutsche Bank in the fourth quarter worth about $303,402,000.

Moreover, it will likely reduce the size of its stocks trading business following a review. A startup with 200 employees beat out a banking giant with 100,000 employees.

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"These actions will involve cost reductions", said CEO Christian Sewing in a statement. He said executives "will not agonize over decisions".

Cuts are also making their way to the board, which used to have 12 members. Mr. Cryan hasn't commented on the criticism. In U.S. rates sales and trading, it plans to shrink the balance sheet, leverage exposure and repo financing.

The German bank will reduce its corporate finance businesses in the US and Asia, pare USA rates sales and trading, and review its global equities business with an eye toward downsizing it, according to the statement. "This is what we will focus on more decisively going forward", Sewing said. The bank will also continue to shed real estate. Sewing said during a conference call with analysts that the announced investment bank restructuring will be implemented "very, very quickly". Their departures, tied to the CEO change, are part of the third high-level shake-up at the lender since Mr. Cryan took over as CEO less than three years ago. Bank of Montreal Can lifted its holdings in Deutsche Bank by 318.5% in the fourth quarter. Revenues for all businesses were lower year-on-year.

Even compared to other European investment banks still battling through multiyear turnarounds, Deutsche Bank's challenges are enormous, investors say. Its German home market trails the U.S. and retail- and investment-banking profitability, and compared to its big Swiss rivals, Deutsche Bank lacks scale in private banking and wealth management.

Deutsche Bank Aktiengesellschaft provides investment, financial, and related services and products to private individuals, affluent clients, and small and medium sized corporate clients worldwide.



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