Daily Management Review

Deutsche Bank posts € 5.3 billion in annual loss due to restructuring


01/31/2020


Deutsche Bank showed an annual loss amid ongoing restructuring and growing competition from other banks.



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pixabay
The bank said that in 2019, the net loss amounted to € 5.3 billion due to revaluation of assets, cost optimization as part of the overall transformation of the business. The loss turned out to be greater than analysts had expected when forecasting this figure at € 4.9 billion. Experts believe that an unsuccessful attempt to merge with Commerzbank was an additional negative factor for Deutsche Bank occurred in the last year.

As part of the restructuring, Deutsche Bank is also trying to diversify revenue sources by shifting the focus from once-priority investment banking to working with corporate and retail clients. However, due to the slowdown of the global and European economies, as well as the low interest rates policy in the EU, this task remains difficult. In the fourth quarter, the bank showed a loss of € 1.6 billion, while analysts surveyed by Reuters expected a loss of only € 1 billion.

source: reuters.com






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