Around 18,000 jobs are to be lost worldwide by 2022.
(Photo: AFP)
Frankfurt In the past quarter, Deutsche Bank generated its fifth quarterly profit in a row, despite higher costs and losses in investment banking. Germany’s largest money house earned the bottom line – after deducting interest for subordinated bonds – a profit of 194 million euros, as it announced on Wednesday. That is an increase of seven percent compared to the same period last year and more than the analysts had expected on average. It’s been a few years since the bank posted five consecutive quarters of profit.
“In the third quarter we again demonstrated the operational strength of our business,” said CEO Christian Sewing. The income – i.e. the total income – increased by around 100 million euros to a good 6 billion euros compared to the same period in the previous year. “We are now doing everything we can to further reduce our costs without compromising our controls. We are confident that we will achieve our goals for 2022, ”affirmed Sewing.
The group also benefits from the fact that it had to save significantly less money for possible loan defaults in the current year than in the Corona year 2020.
Deutsche Bank is in the middle of a comprehensive restructuring. Entire departments were closed, risky parts of investment banking were sold and extensive austerity measures were initiated. Around 18,000 jobs are to be lost worldwide by 2022.
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More: Deutsche Bank will close 200 Postbank branches by the end of 2023.