Deutsche Bank fired 300 US-based investment bankers on Wednesday
27 April, 2018, 01:19 | Author: Sara Gill
Deutsche Bank has released its financial report for the first quarter of 2018, according to which the bank has lost upwards of 80% of its net profit over the previous year (120 million euros, versus 575 million in 2017).
Revenue at Deutsche Bank in the first quarter of 2018 fell by 5% year on year to EUR7 billion, mainly because of reduced trading in shares, borrowing and currencies.
As part of the changes, Deutsche Bank put Garth Ritchie, previously co-head of the investment bank, in charge of that entire division, and named a new chief operating officer from the retail-banking division.
"These cutbacks will be painful, but they are unfortunately unavoidable if we want to be sustainably profitable in the best interests of our bank, our clients and our investors", Sewing said in a statement.
Germany's largest lender will scale back USA rates sales and trading, reduce the corporate finance business in the US and Asia, and review its global equities business with a view toward cutting it back, the bank said in a statement Thursday.
Deutsche Bank will be scaling back operations in bond sales and equities trading, particularly in the USA and Asia. "There is no time to lose as the current returns for our shareholders are not acceptable".
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Christian Sewing, the new CEO of Deutsche Bank expressed that he believes they are on the right track regarding private and commercial banking but they need to boost their profits substantially.
In the first quarter of 2018 Deutsche Bank booked profits of EUR120 million, compared to EUR575 million in the same quarter of 2017.
Deutsche Bank will take another step back from its decades-long global expansion, announcing Thursday that it will focus its investment banking business more on Europe and reduce operations in the USA and Asia.
The company didn't provide numbers showing how deep the cuts to the investment bank will be.
The bank also stated that additional cost cutting measures will be implemented, including job cuts but no specifications were given. HSBC downgraded shares of Deutsche Bank from a "buy" rating to a "hold" rating in a research report on Monday, January 8th.
Group pre-tax profit was 432 million euros, down 51 percent year-on-year. The lender had begun to retreat from some businesses under Cryan, who, in the year 2015, said that he would close operations in 10 countries, cut 10 percent of jobs, and decrease the number of investment bank clients by around half.
Today's announcements may determine the bank's credit rating, which influences its financing costs. "The end of its global investment banking ambitions with cuts in the US and Asia is welcome".
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