Deutsche Bank plunges in premarket on Q2 loss

Wednesday, 24. July 2019 08:45

While Germany's flagship lender attributed the worst quarterly result since the financial crisis to the acceleration in its restructuring measures, investors weren't impressed. Shares in Deutsche Bank AG dropped as much as 3.5% before the bell and surrendered more than they gained in the previous session in Frankfurt.

Net loss, at €3.15 billion, compares to the embattled financial giant's guidance of €2.8 billion. Chief executive Christian Sewing stressed the business would be profitable if the €3.4 billion charge for the turnaround was excluded.

The bank went as low as €6.9 per share in premarket trading after struggling to hold the €7 mark since the beginning of the month. Deutsche Bank hit a record low of €5.801 per share on June 3. It is 2.4% higher than at the end of the year while the benchmark DAX index rallied 18.3% in the same period.

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