Frankfurt Deutsche Bank got off to the best start to the year in a long time thanks to higher earnings in the corporate bank. “With 7.7 billion euros, we achieved the highest earnings in a quarter since 2016, the pre-tax profit of 1.9 billion euros was the best result since 2013,” emphasized CEO Christian Sewing in a message to employees.
In the first three months, the institute earned 1.158 billion euros, nine percent more than in the previous year, according to a statement on Thursday. This is well above the expectations of the analysts, who had expected an average of around 977 million euros.
Nevertheless, the bank also announced a sharper austerity course. It is thus counteracting an increase in costs that was higher than expected. In the next three years, the bank wants to save 2.5 billion euros instead of the previously announced more than 2 billion euros. The company wants to cut jobs and close more branches.
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