Loading ...Deutsche Bank profits plummet 98%, CEO warns of further cuts
Germany’s biggest bank posted a net profit of €20 million in the second quarter of the year. This is down from €796 million in the same period in 2015.
Deutsche’s share price fell by four percent on Wednesday after the announcement. Analysts’ predictions had varied from more than a billion euro loss to half a billion profit.
Deutsche Bank chief executive John Cryan warned about the possibility of further cuts.
“If the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring,” he said on Wednesday.
Overall, Deutsche Bank’s shares have lost about 44 percent of their market value in 2016. This is partly due to increasing skepticism about the bank’s position in the market and $14 billion in fines.
cont. https://www.rt.com/business/353516-deutsche-bank-profit-fall/