Deutsche Bank makes 278 million euros, strengthens buffers

by Ben Pena October 27, 2016, 15:20
Deutsche Bank makes 278 million euros, strengthens buffers

Instead it turned in a small profit, reported progress on its five-year restructuring plan...

A source told AFP in late September the bank was in talks with the DoJ to reduce its fine to around 5.4 billion euros, although the final figure could change. This had an unsettling effect. "The bank is working hard on achieving a resolution of this issue as soon as possible".

Germany's biggest bank has been in turmoil since mid-September when it said US authorities were demanding up to $14 billion to settle claims that it missold USA mortgage-backed securities before the financial crisis.

The deal will close in 2017, subject to regulatory approvals, Deutsche Bank said, without disclosing the price.

As part of his overhaul announced in October 2015, Cryan pledged to eliminate 9,000 jobs across the bank and cut risk-weighted assets at the securities unit - once earmarked for growth under his predecessor Anshu Jain - by 28 billion euros, or about 17 percent, through 2018 and by another 10 billion euros by 2020.

Deutsche Bank has reported an unexpected net profit of €278 million in the third quarter as it benefited from a surge in bond trading that has boosted the earnings of all Wall Street banks.

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Litigation expenses fell to 501 million euros in the quarter from 1.2 billion euros in the same quarter a year earlier. That was an increase from EUR5.5 billion in litigation reserves as of June 30.

Net revenues increased to 7.49 billion euros from 7.33 billion euros a year ago amid a tough interest rate environment.

Its so-called global markets trading business was also hit. Revenues in Emerging Markets, Asia Pacific Local Markets and Equities were down. "Net revenues from Loans, Investment & Insurance Products and Postal remained virtually stable compared to the prior year quarter", the bank said.

Provision for credit losses was 327 million euros, 58 percent higher than a year ago, mainly due to higher provisions in CIB reflecting continued market weakness in the Shipping and Oil & Gas sectors.

"I think it is a very constructive debate because you have got 2.4 billion euros of deferred bonus to be paid under cash".

Investors have already sent the bank's shares down almost 40 percent percent this year, and demand for credit default swaps on Deutsche - or insurance policies against the lender's default - have surged.

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