Deutsche Bank reports a drop in net profits in second quarter of 2018
The German investment bank, Deutsche Bank, announced its net profits drop for the second quarter of 2018.
The three months to June saw the company’s net profits fall by 14%, from €466mn (US$545.57mn) in the same quarter of 2017 to €401mn ($469.48mn).
The firm’s revenue remained around the same as the previous year, dropping by 0.45% from €6.62bn ($7.75bn) to €6.59bn ($7.72bn).
There was a 17% decline in revenue from fixed-income securities to reach the lowest figure since the first quarter of 2008 at €1.37bn ($1.6bn).
The news follows the recent appointment in April of Christian Sewing as the bank’s Chief Executive Officer.
The new CEO has announced plans to overhaul the firm and cut 7,000 jobs in the process.
“In the second quarter we accelerated the reshaping of our bank significantly and proved the resilience of our global business,” stated Sewing on 25 July.
“We’re making important changes to our core businesses as promised, we’re headed in the right direction on costs, and our balance sheet quality is strong.”
Like what you see! Signup for our weekly newsletter