Deutsche Bank swings to full-year profit after tepid Q4

The financial district with the headquarters of Germany's largest business bank Deutsche Bank,

The financial district with the headquarters of Germany's largest business bank Deutsche Bank,

"In view of the progress made in financial year 2018", Deutsche Bank tightened its cost target for 2019 and is expecting adjusted costs to amount to 21.8 billion euros instead of 22 billion euros.

The bank has also become the subject of rampant merger speculation.

However, Deutsche posted a full-year profit of 341 million euros, compared with a net loss of 735 million euros in 2017. "We aim to grow profitability substantially through the current year and beyond", Sewing said.

Sewing took over in April from John Cryan, who left amid dissatisfaction with the slow pace of restructuring. The bank has struggled to cut costs, resolve legal issues with regulators, and refocus on its European and German base rather than compete across the board with Wall Street banks. So far, investors are not convinced.

Commenting on the merger speculation last week, Sewing said his priority was to restore profitability and that a merger was "beyond what I'm now thinking of".

Net revenue at the German lender's corporate and investment banking division decreased by 8 percent year-on-year to 13 billion euros.

How to finish Fortnite's 'sundial, oversized coffee, and dog head' dance challenge
Anyway, we hope you found this guide stimulating - if not, perhaps we should've popped a couple more scoops of quality content in. The final of these three locations you need to dance on in Fortnite for the week 9 challenges is the Giant Metal Dog Head .

However, time is running out for Deutsche Bank to turn around on its own, making a merger with rival Commerzbank more likely, two people with knowledge of the matter told Reuters on Thursday. Those matters involve alleged money laundering through Danske Bank's Estonian branch and suspicions bank employees helped clients launder money through offshore accounts based on the leaked Panama Papers. Deutsche Asset Management saw net annual revenue fall by nearly 14 percent year-on-year to 2.2 billion euros.

Deutsche Bank confirmed last week that it had "received a request from the House Financial Services and Intelligence Committees".

The bank says it is "engaged in a productive dialogue with those committees" and that it is "committed to providing appropriate information to all authorized investigations".

Common equity Tier 1 capital was 13.6 percent at the end of 2018, compared with 14 percent three months earlier.

The bank's turnaround might not be advancing quickly enough for some shareholders and the German government, which has said that it wants strong lenders to support the country's firms in their global business. A $7.2 billion US fine in 2017 for its role in the mortgage market crisis was a major blow that spooked clients and concerned regulators.

On Friday, chief administrative officer Karl von Rohr said that "we have always said that we will answer a legally correct inquiry, and if we get a legal inquiry from Congress as an institution we will consequently answer it" but could not answer questions from individual USA lawmakers.

Recommended News

  • Real Madrid Planning Summer Move For Rashford

    Real Madrid Planning Summer Move For Rashford

    The 21-year-old was then open to a possible move overseas as he grew unhappy under the regime of Jose Mourinho. The Sun report that Madrid are willing to offer €115 million to the Red Devils to sign Marcus Rashford .
    Glencore’s copper and cobalt bolstered after restart of operations at mine

    Glencore’s copper and cobalt bolstered after restart of operations at mine

    Own sourced copper sales, however, were some 22,000 tonnes lower than production, due to timing of shipments. Copper production met guidance, rising 11% to 1,453,753 tonnes from a year earlier.
    Iran unveils long-range cruise missile on anniversary of revolution

    Iran unveils long-range cruise missile on anniversary of revolution

    The Defence Ministry's website carried an undated video purportedly showing the Hoveizeh being test-fired from a mobile launcher. It says its missiles are defensive and used for deterrence and rejected talks over its missile programme.
  • Caltrans Completes Reopening of Highway 101 Through Montecito Saturday Night

    Caltrans Completes Reopening of Highway 101 Through Montecito Saturday Night

    Eric Buschow says several people, including two other members of the team, were hurt in the two crashes Saturday on Interstate 5. About an inch (2.5 centimeters) of rain was recorded in the San Francisco Bay Area before the storm moved south early Saturday.
    Todd Gurley Hopes Sony Michel Forgets Past Lessons In Super Bowl LIII

    Todd Gurley Hopes Sony Michel Forgets Past Lessons In Super Bowl LIII

    Prior to the 2017 season, the Rams franchise had ten losing campaigns in a row, compiling a record of 46-113-1. They only overlapped one year in Athens while and Michel was just starting to leave an impression.
    Looks Like Huawei's Folding Phone Will be Unveiled on 24th February

    Looks Like Huawei's Folding Phone Will be Unveiled on 24th February

    Huawei is the latest company suspected to announce a foldable phone during Mobile World Congress at the end of February. The best part is that the upcoming handset is not only a 5G device but will also be a foldable phone.
  • BP to expand emissions disclosure on oil investments

    BP to expand emissions disclosure on oil investments

    The company will set climate targets related to its own operations, and it will publish an annual review of its progress. The two sides disagreed on whether the company had shown it was consistent with the goals of the climate accord.
    Q Acoustics Unveils Stylish New Speaker

    Q Acoustics Unveils Stylish New Speaker

    It combats resonance from the environment and gives the impression that the speaker itself is nearly floating. We know you're going to ask for it, but Q Acoustics says it's not selling the speaker without the stand.
    US Says 'Avalanche of Evidence' Will Convict Drug Kingpin El Chapo

    US Says 'Avalanche of Evidence' Will Convict Drug Kingpin El Chapo

    Guzman was captured and extradited to the United States two years ago after his dramatic escape from Mexican prisons. Closing arguments are expected to begin on Wednesday, Jan. 30, 2019 in Guzman's drug trafficking trial in NY .
  • WH Unveils 2019 SOTU Theme:

    WH Unveils 2019 SOTU Theme: "Choosing Greatness"

    He added that after Clinton's losses in the 1994 midterm elections, his State of the Union speeches were "much more conciliatory". And he will discuss military efforts around the world, stressing his interest in ending USA engagement in foreign wars.
    No 10 hits out at EU's claim Gibraltar is a British colony

    No 10 hits out at EU's claim Gibraltar is a British colony

    In a 2002 referendum on whether Britain and Spain should share sovereignty over Gibraltar, 99 percent of voters said no. The agreement applies whether the United Kingdom leaves the European Union with a so-called Brexit deal or not.
    Fowler leads in PGA Phoenix Open

    Fowler leads in PGA Phoenix Open

    He was able to edge out Byeong-hun An and Branden Grace for third-place (15 under) and a spot in the final group Sunday. At the par-three 16th, where a raucous crowd of thousands surrounds the green, he rolled in a 10-footer.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.