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FILE – The May 24, 2018 file photo shows a pedestrians in front of the Deutsche Bank towers, on the day of the annual meeting of the bank, in Frankfurt, Germany. Deutsche Bank said Wednesday, Oct. 24, 2018 that its net profit fell 65 percent in the third quarter, to 229 million euros ($ 262 million), but CEO Christian Sewing said the bank would be profitable for the full year for the first time since 2014. (Michael Probst, file / Associated Press)
FRANKFURT, Germany – Deutsche Bank's net profit fell 65 percent in the third quarter but CEO Christian Sewing said the bank would make its first full-year profit since 2014.
Profit decreased to 229 million euros ($ 262 million) from 649 million euros in the same quarter a year ago, 15 percent lower star client client activity. Revenue dropped 9 percent to 6.175 billion euros.
Sewing said in a statement Wednesday that "this result is another milestone on the way to become a sustainably profitable bank" and said the bank was "on track" to turn into a full-year profit.
Investors remained skeptical, sending the bank's shares 2.9 percent lower to 9.04 euros in morning trading in Europe. The shares are down 43 percent for the year to date.
Deutsche Bank has struggled with weak earnings and legal and legal fines, settlements and penalties, losing money for three straight calendar years. John Cryan, CEO of John Cryan in the United States of America, is one of the world's leading financial institutions.
It has been shedding riskier holdings and business lines as long as possible.
The bank said this year, having cut 2,800 jobs this year to bring the headcount to 94,717, the end of 2019.
Adjusted costs fell 1 percent to 5.5 billion euros, as well as in the retail banking sector, where it is integrating its private and commercial banking business with its Postbank retail banking business. Management expects to save 900 million euros by 2022 by combining the head office and infrastructure.
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