|Bid||6.32 x 0|
|Ask||6.47 x 0|
|Day's range||6.31 - 6.43|
|52-week range||5.79 - 12.00|
|Beta (3Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Online retailer Zalando is just the kind of fast-growing German business with foreign expansion plans that Deutsche Bank Chief Executive Christian Sewing needs to help drive the struggling lender's recovery. In an attempt to draw a line under years of scandals and heavy losses, Sewing is pulling back from investment banking and rebuilding Deutsche Bank's corporate division by deepening existing relationships and attracting clients beyond its traditional blue-chip customers. "Deutsche Bank is a systemically relevant bank but, nevertheless, we see a possible risk and are trying to the best of our knowledge to mitigate the risk and to have a good sleep at night," Dominika Kilka-Roth, who heads Zalando's risk management, told Reuters.
Some of Deutsche Bank's major investors want supervisory board chairman Paul Achleitner to step down before his term ends in 2022, a German magazine reported on Friday. Der Spiegel didn't name the investors it said were pressing for the change. Achleitner, under pressure from shareholders for some time, survived a confidence vote at May's annual shareholders' meeting.
Juerg Zeltner, a former UBS manager, is set to become a member of Deutsche Bank's supervisory board, two people with knowledge of the matter said on Monday. In his new role, he will represent the interests of Qatar's royal family - a top shareholder of the German lender -, the sources said. Zeltner, a former head of UBS Wealth Management, was named earlier this year as the chief executive officer of KBL European Private Bankers (KBL epb), which is controlled by the Al-Thani family of Qatar.
Britain's opposition Labour Party on Monday called for Prime Minister Boris Johnson to investigate his finance minister Sajid Javid's role in financial misconduct during his previous career as a banker before entering politics. Labour's finance spokesman John McDonnell said he had written to Johnson to reconsider Javid's fitness for the job and should look into three areas of concern relating to the minister's 18-year finance career during which time he worked for Deutsche Bank.
Deutsche Bank has set aside over 1 billion euros (£915.72 million or $1.1 billion) to cover the cost of offloading derivatives in its 'bad bank,' or capital release unit, three sources at the bank told Reuters. Key to the restructuring is the creation of a 'bad bank' to house 288 billion euros of unwanted assets earmarked for sale or wind-down, including equity derivatives and long-dated interest rate and credit derivatives. Deutsche Bank is still assessing and gauging interest in the assets before repackaging some for sale, the sources said.
(Bloomberg) -- A day after the first doubts emerged about Deutsche Bank’s fresh turnaround plan, the European Central Bank stepped in to allay at least some of them.The ECB on Thursday said it will study options to mitigate the punitive effect of negative interest rates on euro area banks, pushing Deutsche Bank’s stock to the highest in almost three months. The central bank singled out the possibility of offering partial exemption from negative interest rates on money deposited by banks at the ECB, known as tiering.Deutsche Bank stock had reacted negatively a day earlier to Chief Financial Officer James von Moltke’s comments on how lower central bank-set interest rates without measures to offset the impact was a “significant risk” to the bank’s three-weeks old turnaround plan. His comments underscored how little room for error Chief Executive Officer Christian Sewing has as he implements the biggest cutbacks yet to the investment bank, including the exit from equities trading, unveiled in early July.“Tiering would be an important measure that the ECB could use to mitigate the negative impact on the banking sector of extended lower rates and potentially a reduction in the deposit rate,” Moltke said on Wednesday during the bank’s second-quarter results presentation. “We believe there’s significant room to implement proposals that would at least offset the negative impact of lets say a 10 basis point reduction in the deposit rate.”Deutsche Bank was the biggest gainer on the 47-member Stoxx Europe 600 Banks Index, which rose as much as 1.9%. The German lender gained as much as 5.6% and was trading 4.5% higher as of 2:33 p.m. in Frankfurt.To contact the reporters on this story: Steven Arons in Frankfurt at firstname.lastname@example.org;Nicholas Comfort in Frankfurt at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, James HertlingFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Barclays is looking to take on a $20 billion portion of Deutsche Bank's prime brokerage business, sources told Reuters, under plans to become Europe's premier investment bank and compete more strongly with U.S. rivals. After its victory over activist shareholder Edward Bramson who failed in his bid to dismantle the British lender's trading operations, Barclays is trying to build up its business serving hedge funds. Barclays declined to comment.
* European shares rise in choppy trade, Euro STOXX at July 4 high * Trade and rate cut hopes fuel gains * Euro zone business growth stalls in July, outlook darkens * Earnings in focus in Europe and U.S. ahead of ECB meeting * Deutsche Bank posts 3.15 bln euro Q2 loss, shares fall * Chips rally after ASMI, Texas Instruments results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com CLOSING SNAPSHOT: HEATWAVE SPREADS ACROSS EUROPE ON EVE OF ECB (1539 GMT) Basking in the heatwave that's currently scorching Europe, investors are also hoping they'll be enjoying the warm glow from Mario Draghi's gifts to the market this time tomorrow.
(Bloomberg) -- Just a few weeks into Deutsche Bank AG’s biggest restructuring yet, the complications are already starting.Germany’s largest lender on Wednesday posted the worst second-quarter trading result of the big Wall Street banks. The bottom line was below expectations after a 3.4 billion-euro ($3.8 billion) restructuring charge. In an interview with Bloomberg Television, finance chief James von Moltke signaled that some turnaround targets may be harder to reach should central banks start to lower interest rates again.“It does represent a revenue pressure for us and all of the banks if rates from here go down further,” von Moltke said. That “is a significant risk to us.”Shares of the lender slumped as the comments underscored how little room for error Chief Executive Officer Christian Sewing has as he implements the biggest cutbacks yet to the investment bank, including the exit from equities trading. Virtually all of the big banks that reported earnings so far have warned that lower rates will squeeze income from lending, but nowhere is the impact more dramatic than at Deutsche Bank, which has tried and failed for years to return to more sustainable profits.Deutsche Bank fell 3% at 12:10 p.m. in Frankfurt trading, after losing as much as 5.8% earlier.Sewing is betting the bank’s future on the business of serving corporate clients, with a focus on Europe, while exiting equities trading and scaling back parts of fixed income. That leaves Deutsche Bank particularly exposed to lower interest rates, which squeeze lending margins. Like other European banks, it also had to contend with negative deposit rates, meaning it has to pay the European Central Bank to park excess cash there. Von Moltke said he’s counting on the ECB to provide some relief for banks, should it decide to lower rates further.‘Very Aware’As part of the turnaround, the bank wants to boost its annual revenue by 2 billion euros through 2022, helped by a “modest improvement” in rates. Von Moltke said earlier this month that a goal of lifting return on tangible equity to 8% in 2022 “is realistic given the interest rate environment we’re facing.”“We provided a set of numbers,” von Moltke said on Wednesday. “As one always does, one has to make some planning assumptions, those happened to be at the end of May and we are very aware that the outlook deteriorated during June.”He said that if the ECB does lower rates, he expects it to shield commercial banks from at least some harm through tiering, in which some overnight deposits that banks park there are excluded or charged a less punitive rate. Failure by the ECB to do so could ultimately force the bank to lower its revenue expectations, it said in its quarterly report.“Client retention risks, an unfavorable interest rate environment and negative secular trends across divisions present material headwinds to management plans,” Thomas Hallett, bank analyst at Keefe, Bruyette & Woods in London, wrote in a note. “These results do little to allay market concerns on the ability to deliver on those targets.”Deutsche Bank posted a 3.2 billion-euro net loss for the second quarter, worse than it had guided at the time of the strategy announcement, as it booked a bigger chunk of the restructuring costs upfront. Adjusting for the charges, net income would have been 231 million euros, higher than management had indicated previously.Speculation about the future of the investment bank compounded the impact of Wall Street’s worst first half for securities trading in a decade. Equities trading slumped 32% from a year earlier, and fixed income fell 11%. By comparison, overall trading at the five biggest Wall Street banks fell 8%. Swiss rival UBS Group AG on Tuesday reported a 9% slump in equities trading and 7% lower revenue from fixed income.Losing BusinessDeutsche Bank said it started losing business during the quarter as it became clear it would exit equities. Sergio Ermotti, the UBS CEO, said Tuesday that some of the balances from the German lender’s business are coming to his bank’s prime brokerage unit.As part of its exit from equities, the German lender had agreed to transfer some 150 billion euros of balances linked to hedge funds to French rival BNP Paribas SA, but clients have been pulling about $1 billion of funds per day and going elsewhere as the firms iron out the details, people familiar with the matter have said. Deutsche Bank is planning to auction its equity derivatives portfolio and kick off the process in the coming weeks, a person familiar with the matter said.At the global transaction bank, which Sewing is separating from the investment bank to make it the centerpiece of a new corporate bank division headed by Stefan Hoops, revenue was essentially flat when adjusting for a one-time gain a year earlier.The German lender’s overhaul resulted in the departure of investment banking head Garth Ritchie. Sewing has taken over oversight over the division at the management board level while operational oversight has been split between Hoops; Mark Fedorcik, head of the investment bank; and Ram Nayak, in charge of fixed-income trading. Christiana Riley, who’s running the bank’s U.S. operations, will join the management board pending regulatory approval.To contact the reporters on this story: Steven Arons in Frankfurt at firstname.lastname@example.org;Nicholas Comfort in Frankfurt at email@example.com;Matthew Miller in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Dale Crofts at email@example.com, Christian BaumgaertelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* European shares dip from 2-week highs, STOXX down 0.2% * Euro zone business growth stalls in July, outlook darkens * Earnings in focus in Europe and U.S. ahead of ECB meeting * Deutsche Bank posts 3.15 bln euro Q2 loss, shares fall * Chips rally after ASMI, Texas Instruments results * Signs of progress in trade talks support Asian shares Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Consensus is for the ECB to cut its deposit rate in September and while today's data may not be enough for immediate action it will surely give more ammunition to the doves. Vailati says he still expects a rate cut along with a relaunch of QE in September when the ECB is due to update its macro forecasts.
* European shares open little changed * Earnings in focus in Europe and U.S. * Deutsche Bank posts 3.15 bln euro Q2 loss, shares fall * Eyes on PMIs ahead of tomorrow's ECB meeting * Signs of progress in trade talks support Asian shares * Chips rally after ASMI, Texas Instruments results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: firstname.lastname@example.org STOXX STEADY, DB DOWN, ASMI ADDS SHINE TO CHIPS, ITV TOP GAINER (0732 GMT) The pan-European STOXX 600 benchmark is managing to hold near the over two-week highs hit in the previous session, trading just about flat as investors digest a deluge of earnings.
Deutsche Bank reported a bigger than forecast quarterly loss of 3.15 billion euros ($3.5 billion), underlining the challenges faced by Chief Executive Christian Sewing as he attempts to turn around the struggling business. Germany's largest bank had already flagged it would lose around 2.8 billion euros in the quarter when it announced a restructuring plan that will see 18,000 jobs go and cost 7.4 billion euros overall. The size of the loss, compared with a profit of 401 million euros a year ago, prompted the bank's shares to slide as much as 5.8% in Frankfurt before regaining some ground.
* Deutsche Bank posts 3.15 bln euro Q2 loss Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Deutsche Bank posted a Q2 loss of 3.15 billion euros as a result of costs for a major restructuring, while Daimler said it would intensify cost cuts after legal risks for diesel-related helped trigger a 1.56 billion euros loss before interest and taxes in Q2.
* Deutsche Bank posts 3.15 bln euro Q2 loss Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. European shares are set for a stronger open in another heavy day for earnings updates and with the immediate focus turning to the release of PMI data later on ahead of tomorrow's ECB meeting where the central bank is expected to prepare the ground for a rate cut in September.
The opportunity cost of holding the assets, which has not been previously reported, underscores the challenges facing Chief Executive Christian Sewing as he attempts to turn around the bank and restore confidence among investors who have seen the value of their shares decline by 75% in the past four years. Sewing said earlier this month that Deutsche, Germany's largest lender, would set up a bad bank to house the assets, which include equity, credit and interest-rate derivatives. The bank is planning an auction of its short-dated equity derivatives book, having already received "significant expressions of interest," the sources familiar with the matter said.
The Qatari-backed lawyer tasked with trying to draw a line under Deutsche Bank's regulatory scandals has risen rapidly at the German bank, jumping to the management board after three years as a "sparring partner" on the bank's supervisory body. Deutsche Bank is desperate to clean up its act and restore its reputation after years of turmoil including the Libor rate-rigging scandal and money-laundering investigations, and Stefan Simon has an intimate knowledge of the bank's rocky relationships with regulators and courts. The enigmatic corporate lawyer will soon be sitting on Deutsche's management board, promoted from its external oversight board as part of a 7.4 billion euro (£6.6 billion) overhaul which will see the bank shrink and lose 18,000 jobs.