Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion eur...
) reported a bigger than forecast quarterly loss of 3.15 billion euros , underlining the challenges faced by Chief Executive Christian Sewing as he attempts to turn around the struggling business.
The bank also anticipates 2019 revenue to be lower than in 2018. That forecast marks a further scaling down in expectations from previous quarters. In a note to staff, Sewing said that the lender’s underperforming investment bank faced “strong headwinds” in the quarter, including questions about the bank’s future that spooked clients.Deutsche’s troubles peaked with a $7.2 billion U.S. fine in 2017 for its role in the mortgage market crisis, in a major blow that caused clients to flee.
“I could make excuses,” about the division’s performance, Sewing told analysts. But “this simply doesn’t matter. We must do better and we will do better.” Reuters reported on Tuesday that it will take years to shed those unwanted assets, tying up capital that could have generated income of 500 million euros a year.
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