(ANSA-AP) - FRANKFURT, OCTOBER 30 - Deutsche Bank lost 832
million euros ($925 million) in the third quarter as it suffered
heavy losses from its drawn-out restructuring aimed at reducing
risks and costs. The bank said Wednesday it lost 1 billion euros
in the unit devoted to asset disposals and saw 315 million euros
in restructuring costs from its core banking businesses. Revenue
fell 15% to 5.3 billion euros, largely because of the bank
abandoning its stock-trading business as it pulled back from
competing with Wall Street firms to focus on its core European
market. Deutsche Bank also struggled with low interest rates,
which can constrict earnings on lending. CEO Christian Sewing
said the bank was on track with costs cuts and that the core
businesses were fundamentally profitable, with more client money
flowing to its asset management unit. Deutsche Bank is engaged
in a years-long effort to cuts costs and exit riskier or less
profitable lines of business. Sewing has accelerated cost
cutting since taking over in April 2019. Deutsche Bank shares
fell 6.2% on the news in morning trading in Europe. (ANSA-AP).
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