Struggling Deutsche Bank posts loss amid restructuring costs
FRANKFURT, Germany (AP) — Deutsche Bank has posted a third quarter loss of 832 million euros ($925 million) as it saw 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 banks to focus on its core European market.
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.