Deutsche Bank: Current business figures interrupt the series of horror news

Berlin –

The new boss of Deutsche Bank, Christian Sewing, has kindly addressed his letter to employees: "I would like to thank you first – thank you for your contribution over the last few months and for your implication "A few lines later, the native Westphalian shows her other side. Most areas of the business have shown the necessary determination, he writes. "But I also realize that there is not yet everywhere the attitude towards the conversion rate and our costs, we want to live". But no one should be able to count on the fact that others have already headed it. "These times are over."

Deutsche Bank in transition between the hope of "the future" a better time and the fear of being crushed by the burdens of the past become. This is how Germany 's biggest money house comes up a few months after Sewing took office. Last week, the first figures of Frankfurt for the second quarter, which has delighted the financial markets. Deutsche Bank can also surprise positively, was the message that helped share a jump in prices. This Wednesday, the details follow. And they were caught on the markets much more sober, with the result that the stock price fell slightly.

Horror years with billions of losses

A look at the details shows that after the horror years with billions of losses of trend reversal. On the contrary, Deutsche Bank could have taken the first step on the right track. In the period from April to June, it generated an after – tax profit of 401 million euros. That's 14% less than twelve months ago, but significantly more than predicted by badysts. At least that's what Deutsche Bank does, just like stock brokers.

The expectation was that even a bad result would be nice because the disaster did not materialize. The construction sites, however, remain. In the sector of traditional masterpieces, bond trading, the Frankfurters weaken. Here, yields fell 17% to 1.4 billion euros. Nevertheless, Sewing does not want to give up the goal of remaining the world's number four in trading bonds and currencies. In the face of US competitors such as JP Morgan and Goldman Sachs, Glimpflich has led the stock market sector, which wants to reduce sewing and suffer a drastic reduction in staff. Seen in this way, the profit fall from six percent to half a billion euros manageable

Worry prepares fund subsidiary DWS

Serious worries but prepares fund subsidiary DWS, which still belongs after an IPO of Deutsche Bank to three quarters. She has also been a long-time star and shone with huge and successful funds from prominent leaders like Klaus Kaldemorgen. After a series of disappointing results, however, DWS has lost its reputation so much that customers are even withdrawing funds from it. In the second quarter, they lost five billion euros, the first quarter had been even more. As a result, offspring Wednesday reached its annual targets for new business.

The central question for the company remains the costs. Sewing's predecessor, John Cryan, had cost the job that he could not maintain the self-imposed framework of 22 billion euros for 2018 and was to bring the goal to 23 billion dollars. ; euro. For a long time, the people of Frankfurt have been accused of being too expensive compared to the rest of the industry. Sewing clearly indicated from the outset that he would like to keep the amount increased in all circumstances.

He seems to have achieved initial successes. In the second quarter, Deutsche Bank spent 5.6 billion euros, one percent lower than it was twelve months ago. Apparently, there are job cuts a little cheaper than calculated. Sewing has announced its intention to reduce its global workforce from 97,000 to well under 90,000. Among other things, it has put about 200 million euros between May and June. Overall, this item and restructuring costs this year may require a little less than the estimated $ 800 million.

Abnormally many bad news

The Deutsche Bank, which has been in crisis, is a year and a half behind, which has led to some bad news, even for its conditions. In the spring, the boss had to leave. The rating agency Standard & Poor's downgraded the credit rating. US regulators have raised doubts about stability after a stress test. Therefore, if business numbers do not continue this series, it is already worth it for Sewing.