Deutsche Bank tumbles 3.27% on overhaul costs

Wednesday, 24. July 2019 09:05

Deutsche Bank AG fell on the opening bell on Wednesday as market participants were surprised at the speed of restructuring highlighted by chief executive Christian Sewing and the related expenses. Net loss in the second quarter came in at €3.15 billion or €350 billion above the struggling lender's guidance. Some investors have been very skeptical about the turnaround given the track record in overhauls of the German flagship financial institution since the financial crisis started more than a decade ago.

The management said it sees a drop in revenue for this year amid the sale of its division for equity trading and sales.

Shares opened 2.87% lower at €6.929. They changed hands at €6.901 apiece at 9:05 am CET or 3.27% in the red, having surrendered more than what they gained yesterday. The bank is down by exactly a third over the past year while the benchmark DAX index is down only 0.31% in the same period.

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