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Deutsche Bank drops to painful losses when overhaul costs a bit



Deutsche Bank ( DB ) said Wednesday that it took a cost of 3.4 billion dollars ($ 3.8 billion) in the three months ending June, somewhat which led to a net loss of $ 3.1 billion ($ 3.46 billion).
The results were even worse than the bank had telegraphed: On July 7, it said that overhead costs would push it to a net loss of 2.8 billion (3.1 billion dollars) for the second quarter.

about 5% in Frankfurt on the news.

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Without restructuring costs, Deutsche Bank said it would have reported a net profit of € 231 million ($ 257.4 million), a 42% reduction from same period last year.

"Exclusion of transformation fees, the bank would be profitable and in our more stable businesses, revenue was flat or growing," said CEO Christian Sewing in a statement.

But even that earnings figure was below what analysts had predicted.

Deutsche Bank cuts 18,000 jobs and shrinks its investment bank dramatically as part of the overhaul. Sewing has described plans as "nothing short of recovering" Deutsche Bank.

For years, the lender has struggled to gain steady profits, and the stock was at a low time in June. But moving the bank to more reliable sources of income, such as money management, is an expensive project. The transition is expected to have a price tag of 7.4 billion ($ 8.3 billion) by 2022.

So far, more than 900 employees have either been notified or informed that their role will be eliminated, the Bank said. [19659013]
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