Deutsche Bank is to cut 800 jobs in a new cost-saving drive after reporting a bigger than expected rise in profit for the first quarter, a volatile period globally for finance companies.
"We need to further speed up and that's what we are doing," Deutsche Bank Chief Executive Officer Christian Sewing told reporters when asked about the cuts.
Deutsche's performance reflected a quarterly increase in income from higher interest rates that offset a slump in revenues at its investment bank. Net profit attributable to shareholders was 1.158 billion euros in the first quarter. That compared with profit of 1.060 billion euros a year earlier, and was better than analysts' expectations for a drop in profit to around 977 million euros.MIXED BAG
Deutsche's deposits dropped 5% in the first quarter from the end of last year, but executives said they have been increasing during the month of April.Analysts said Deutsche, which ranks as one of the world's most systematically important banks, is vulnerable to a slowing economy, high inflation and regulatory issues that have plagued it over the years.of its management board that includes changes at the top of its retail business and its U.S.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Deutsche Bank makes upper echelon changes to ‘sharpen management board’s focus’Deutsche Bank AG on Wednesday announced a new “leaner” nine-member management board to “further sharpen its focus on clients’ needs, the bank’s areas of...
Baca lebih lajut »
Deutsche Bank overhauls board as U.S. head Riley joins SantanderDeutsche Bank is undertaking its biggest management shake-up since 2019, the German bank said on Wednesday as it announced the departure of Christiana Riley, who oversaw its U.S. operations.
Baca lebih lajut »
How to trade Deutsche Bank and Barclays quarterly results based on historyUsing data going back to past 20 quarters, CNBC Pro found how well each lenders' stock performs against their benchmarks based on different outcomes.
Baca lebih lajut »
Deutsche Bank: Q1 deposits 592 billion euros, down 5% from Q4 2022Deutsche Bank on Thursday reported a 5% drop in deposits from the end of last year.
Baca lebih lajut »
Deutsche Bank logs 11th straight quarterly profit, reveals job cutsDeutsche Bank on Thursday reported a net profit of 1.158 billion euros ($1.28 billion) for the first quarter.
Baca lebih lajut »
Deutsche Bank AG Stock | DBKGn - Investing.comGet detailed information about the Deutsche Bank AG NA O.N. (DBKGn) stock including price, charts, technical analysis, historical data, Deutsche Bank AG reports and more.
Baca lebih lajut »