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Troubled Deutsche Bank Restructuring

Troubled Deutsche Bank RestructuringTroubled Deutsche Bank Restructuring

Germany’s struggling lender Deutsche Bank says it’s making quicker progress in cutting costs and reshaping its business model. The bank’s second-quarter profit also beat analyst estimates, DW reported. Germany’s biggest lender Deutsche Bank said Wednesday a major restructuring under its new chief executive was in full swing, as it confirmed second-quarter profits that beat analysts’ previous expectations. Net profits reached €401 million ($468 million) on the back of €6.6 billion in revenue, in line with preliminary figures the lender released earlier this month. Analysts surveyed by data company Factset had earlier forecast profits of around €120 million. But the result was still 14% lower than last year’s second-quarter earnings of €466 million. “We accelerated the reshaping of our bank significantly and proved the resilience of our global business” between April and June, said CEO Christian Sewing, who took over from crisis firefighter John Cryan in April with promises of a far-reaching shakeup. Deutsche highlighted some €239 million in costs for restructuring and employee severance—twice as much as the same quarter last year—as around 1,700 workers left.

 

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