UBS improves Deutsche Bank to neutral from sell

Friday, 12. July 2019 16:18

Germany's struggling flagship lender reached this week's high on Friday after UBS said the ratio of risk and reward became "more balanced." Its analysts pointed to Deutsche Bank AG's planned overhaul including massive layoffs and cost cutting. They added they see the financial giant executing "more aggressive cost cuts." Furthermore, they suggested the management could get "regulatory support" and that capital requirements could be eased.

Deutsche Bank earlier said it agreed to pay €175 million to settle a lawsuit by a public housing corporation from the Netherlands about bribery into high-risk interest swaps. Stichting Vestia claimed €840 million in damages.

It surged 2.34% to €6.745 per share after touching €6.792. The bank is still down 3.19% since the beginning of the year compared to a jump of 16.89% in the benchmark DAX stock index.

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