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Deutsche Bank Aktiengesellschaft (DBK.F)

Frankfurt - Frankfurt Delayed price. Currency in EUR
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7.68-0.10 (-1.22%)
At close: 7:30PM CEST
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Previous close7.78
Open7.81
Bid0.00 x 400000
Ask0.00 x 400000
Day's range7.67 - 7.81
52-week range4.47 - 10.35
Volume41,764
Avg. volume71,008
Market cap15.809B
Beta (5Y monthly)1.51
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend date24 May 2019
1y target estN/A
  • We Really Shouldn’t Force People Back into the Office
    Bloomberg

    We Really Shouldn’t Force People Back into the Office

    (Bloomberg Opinion) -- The end of the summer holidays and the reopening of schools have sparked a lively debate over the future of remote working. From the U.S. to the U.K., politicians and employers are nudging workers to return to the office even though the pandemic is not over. But these requests put employees in a very awkward place — caught between fearing for their health and fearing for their job.Following two key principles may resolve some of the tension. First, the government should have no say in this decision, so long as states can avoid new lockdowns and with the obvious exception of managing the civil service. Second, it is up to employers, in conjunction with employees, to make the call on returning to the office, and there is no point in forcing it if remote working hasn’t hurt productivity and profitability.The first wave of the pandemic spurred a radical transformation of the work environment, as companies rushed to enable working from home. In recent months, however, officials and managers have started itching to go back to the old routines. The U.K. government considered launching a campaign to encourage the nation to go back to the office, and then shelved it. In the U.S., some executives — most notably Jamie Dimon at JPMorgan Chase & Co. — have also expressed doubts that workers can stay at home for much longer. There are manifold reasons for such concern. Politicians are worried about the economic repercussions for town centers, especially in mega-cities such as London and New York, and for those employed in their restaurants and cafes. They may also fear for the losses accumulating in the public transport network, as the number of passengers remains relatively low. Meanwhile, employers are skeptical about whether productivity can be sustained over protracted periods of remote working. They may also be frustrated at the thought of leasing empty offices, particularly in locations with very high rents.Still, only some of these fears are justified. Politicians should be wary of wading into what is above all a private relationship between employers and employees. If a company believes it can operate effectively while keeping employees at home, does it make sense for the government to get in the way?Of course, local and national governments can make work decisions with regard to the public administration. If they believe strongly that remote working is ineffective, they can bring civil servants back into the office. It’s harder to make a case for telling employees in the private sector what to do.There’s also reason for politicians to be careful: The economic pain for city centers may be an economic gain for residential neighborhoods and suburbs. We hear a lot about the restaurants that are closing around empty office blocks, but less about supermarkets that are hiring new staff elsewhere.Employers face a different calculation. They must assess whether their organizations have managed to operate successfully without face-to-face contact. For some businesses that rely on human interactions, such as shops or restaurants, most that survived will really have no choice but to reopen the workplace.For others, including many companies with a prevalence of white-collar workers, it is a tougher call. Edward Glaeser, an economist at Harvard University, and colleagues recently found that the transition to remote work for U.S. businesses has been uneven, with many becoming less productive. But employees don’t appear to be working less: Raffaella Sadun, an economist at Harvard Business School, and other researchers presented evidence of an increase in the length of the average workday, by nearly an hour, and a short-term increase in workers’ email activity.Companies will need to be mindful about their specific circumstances. If they do plan to recall employees back to the office, they’d be wise to consider the potential problems — the worst being that a worker tests positive for the virus, falls ill and potentially spreads it to coworkers. Even if a company takes all the right precautions, people will need to be quarantined and there will be many questions around contact tracing. JPMorgan is having to face this very problem, after there was a recent positive case reported in its New York City offices.These risks present not only health issues, but can be a serious drag on productivity too. Taking a hit on the renting costs of office space might just be worth it. Deutsche Bank AG has planned to tell its employees in New York City they can work from home until mid-2021. Since we don’t know how long the pandemic will last, we also don’t know how long companies and workers will face this workplace dilemma. For now, it’s best if politicians stay out of the way and employers stay open-minded. The new world of work presents many challenges, but some opportunities too.(Updates chart to reflect weekday data only)This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ferdinando Giugliano writes columns on European economics for Bloomberg Opinion. He is also an economics columnist for La Repubblica and was a member of the editorial board of the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Deutsche Bank Bucks Trend, Looks to Commodity Traders for Growth
    Bloomberg

    Deutsche Bank Bucks Trend, Looks to Commodity Traders for Growth

    (Bloomberg) -- Deutsche Bank AG plans to boost lending to commodity traders in the Middle East, even as other banks back away after a spate of defaults in the industry, to help double the size of its regional business.The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region.“In the next five to six years, we would like to double the size of the revenues from what we have today,” Voide said in an interview. “The old Deutsche Bank wanted to be everything to everybody, and we realized in the past few years that’s not sustainable.”Voide, formerly the head of wealth management for the Middle East and Africa, will now also oversee Deutsche’s private bank for the region. Hoving, who previously ran the Netherlands business, will also head corporate banking for the Middle East and Africa. The two replace Jamal Al Kishi, who left Deutsche earlier this year to become deputy group CEO at Bahrain-based Gulf International Bank.Lenders including ABN Amro Bank NV, BNP Paribas SA and Societe Generale SA, have curbed their exposure to commodity traders after a string of collapses and scandals globally. GP Global Group, a United Arab Emirates-based commodities firm, is trying to sell off assets to repay creditors, while several banks have frozen credit lines to Dubai-based oil trader MENA Energy DMCC, according to people familiar with the matter. Despite those troubles, Deutsche spies an opportunity to expand.“As we see other banks exiting certain business, for example commodity finance, then we will be looking to on-board new clients,” Hoving said in the same interview. “We have appetite for commodity finance but always in a very well-managed way.”The bank picks clients that it knows well, and it takes stringent steps to minimize risks in lending to them, he said.Boosting BondsThe German bank also plans to ramp up its business arranging bond sales, Hoving and Voide said. It already participated in some of this year’s largest deals in the region, including Qatar’s $10 billion issuance in April and Abu Dhabi’s $5 billion sale in August. Deutsche has also worked on debt sales for Qatar National Bank and Emirates NBD PJSC and is the seventh-biggest regional bond arranger so far this year.That’s a far cry, however, from its ranking in 2011 to 2014 when it jostled with HSBC Holdings Plc and Standard Chartered Plc to be the Middle East’s top bond underwriter, according to data compiled by Bloomberg.“Now we’re not coming into the office to be number one on any league tables, but we’ll move up as a consequence of doing the job and serving the clients,” Voide said.The current slump in oil prices combined with the economic impact of the coronavirus pandemic has caused governments in the region to issue a flood of new debt. Bond and sukuk sales from the Middle East and North Africa have risen to more than $94 billion so far in 2020 compared with $111 billion for all of last year.Although this borrowing binge is likely to continue, Deutsche must focus on rebuilding relationships with clients in the region after a period of cost-cutting and internal restructuring that aimed at restoring the bank to profitability, Hoving said.“We need to have relationships with the sovereigns, banks and the corporates, and while we do have those relationships, some of them can be strengthened,” he said. “There are clients that we have not given enough attention to over the past few years.”(Adds bond sales details in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • China Clamps Down on Finance Arms of Ant, Other Giants
    Bloomberg

    China Clamps Down on Finance Arms of Ant, Other Giants

    (Bloomberg) -- China is tightening rules and imposing capital demands on sprawling empires such as Ant Group and China Evergrande Group in its latest attempt to curb risks in the nation’s $49 trillion financial industry.The new regulations will require licenses for non-financial companies that do business across at least two financial sectors, and which are designated as “financial holding companies,” the State Council said Sunday on its website. Any application must be submitted within 12 months after the rules take effect on Nov. 1.Companies with a banking operation and financial assets of more than 500 billion yuan ($73.1 billion), or those with financial assets exceeding 100 billion yuan must seek a license. Those that are denied a license must sell their stakes in the financial companies or give up control, according to the rules.Chinese authorities are plugging regulatory loopholes and stepping up their bid to maintain stability as the Covid-19 pandemic pummels economic growth and bad loans pile up. In 2018, the central bank identified Evergrande, HNA Group Co., Fosun International Ltd., Tomorrow Group as well as billionaire Jack Ma’s Ant as financial holding companies, putting them under increased scrutiny because of their growing role in the nation’s money flows and financial plumbing.The move will “prevent spillover of risks and promote healthy circulation between the economy and the financial industry by imposing complete, sustainable and thorough regulation on capital, behavior and risks,” the People’s Bank of China said in a separate statement.Companies covered under the regulation will need at least 5 billion yuan in actual paid registered capital, which should account for at least 50% of the combined registered capital of their controlled financial entities, according to the rules.Loan LeaderAnt has emerged as a consumer loan leader in recent years with the help of an array of banks. The firm also operates payments systems, owns a stake in an online bank, and runs insurance and wealth management units.In anticipation of tighter rules, Ant plans to apply for a financial holding license through its Zhejiang Finance Credit Network Technology Co. unit, according to the prospectus for its initial public offering released last month. Ant is considering putting certain financial entities into the arm to help reduce the potential capital needed under the proposed rules, people familiar with the matter said last year.In its 2018 financial stability report, the central bank warned that the work of regulating was becoming increasingly complex, with firms rapidly expanding in the financial sector through cross border alliances and intricate corporate structures, tied together by connected transactions and investments in existing financial institutions.At the end of 2016, about 70 central government-owned enterprises had a total of over 150 financial subsidiaries. Another 28 private firms each had stakes in at least five financial units.HNA, the indebted airline-turned-global takeover hunter, has sold off tens of billions of dollars in assets since 2018, including stakes in Hilton Worldwide Holdings Inc. and Deutsche Bank AG. Earlier this year, Chinese authorities announced the government would take control of the group, likely paving the way for speedy asset disposals to help repay about $75 billion of debt.Evergrande, a real estate developer controlled by billionaire Hui Ka Yan, spent heavily on other financial assets before slowing down in 2018. It owns Shengjing Bank Co., a lender in China’s northeast province of Liaoning, as well as a mid-sized insurance company.Another conglomerate that could be subject to the new regulations is Fosun, controlled by billionaire Guo Guangchang. Its operations span insurance, banking, retail, tourism and pharmaceuticals. Fosun has also spent billions acquiring assets including French fashion brands, Portugal’s largest insurer and European soccer clubs.The new rules will blacklist certain individuals from becoming major or controlling shareholders in financial holding firms, such as people who falsified capital injections or undertook illegal activities at financial entities. Such firms must have simplified and transparent ownership structure compatible with its scale and risk management capabilities, according to the PBOC.Beijing in July seized control of nine financial firms that are linked to Tomorrow Group, the investment conglomerate owned by financier Xiao Jianhua. Xiao taken from a hotel in Hong Kong by Chinese authorities in 2017 and hasn’t been seen in public since.(Adds PBOC comment in the fifth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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