The company said the year-on-year development was primarily driven by exchange rate movements, notably the appreciation of the euro against the USA dollar, and lower revenues in the Corporate & Investment Bank.
Deutsche Bank's Management Board has agreed on strategic adjustments in its Corporate & Investment Bank.
"These cutbacks will be painful, but they are unfortunately unavoidable if we want to be sustainably profitable in the best interests of our bank, our clients and our investors", Sewing said in a statement. He didn't provide figures.
Revenue at Deutsche Bank in the first quarter of 2018 fell by 5% year on year to EUR7 billion, mainly because of reduced trading in shares, borrowing and currencies. Deutsche Bank said that the drop was less bad if adjusted for a weaker dollar and several one-off effects. The third largest holder is Vanguard Group Inc, which now holds $710.19 million worth of this stock and that ownership represents almost 2.29% of its market capitalization. Dekabank Deutsche Girozentrale who had been investing in Deutsche Bank Ag for a number of months, seems to be bullish on the $30.12B market cap company.
Additional cost-reduction measures will be implemented on top of those already planned. The bank will be undertaking a review of its Global Equities business with the expectation of reducing its platform.
"We have to act decisively and to adjust our strategy".
Deutsche Bank is making radical changes to its underperforming investment bank and is likely to cut headcount significantly as it retrenches from the U.S. and focuses on the European market. It joined the ranks of global securities firms with the 1989 purchase of British merchant bank Morgan Grenfell and a decade later purchased Bankers Trust, a NY derivatives house. The firm has a market capitalization of $29,451.51, a P/E ratio of -24.33 and a beta of 1.44.
Paul Achleitner, now Deutsche Bank's supervisory board chairman, advised it on the purchase while at Goldman Sachs Group Inc. Their departures, tied to the CEO change, are part of the third high-level shake-up at the lender since Mr. Cryan took over as CEO less than three years ago. Deutsche Bank presently has a consensus rating of Hold and an average price target of $17.41. Deutsche Bank has a 12 month low of $13.52 and a 12 month high of $20.23.
Marcus Schenck, the former co-head of investment banking who had been a strong internal contender to replace Cryan, left amid the recent management shake-up.
Deutsche Bank said that the investment banking business would be aimed at its core European client base and on underwriting and financing areas in which it has a strong competitive position against other banks. It increased its estimate for restructuring expenses to 800 million euros this year, up from an earlier estimate of 500 million euros, Chief Financial Officer James von Moltke said.
Mr. Sewing said the "material workforce reduction" will focus on the investment bank, including cuts to technology and other back-office jobs.
"Delivery is key from here", said Guy de Blonay, a fund manager at Jupiter Asset Management.
Trump said key flaws in the agreement are the failure to address ballistic missiles and Iran's activities in Yemen and Syria. The last foreign leader to address a joint meeting was Indian Prime Minister Narendra Modi in 2016.
Activists, local rescuers and rebels in Syria claim the Syrian forces used chlorine gas in the attack on April 7 against Douma . Sergei Rudskoi said Moscow will supply Syria with "new missile defense systems soon".
Many of Meek Mill's supporters have argued that his case is a testament to the issues present in the criminal justice system. Eagles owner Jeffrey Lurie and retired boxing great Bernard Hopkins sat near Hart and Mill, and Democratic Gov.
The currency is up 1.5 percent against the dollar this year and just 0.3 percent higher on a trade-weighted basis. Nonetheless, the euro's recent strength has had a relatively limited impact in recent weeks.
In an interview with Canadian television network Global, Kenny's father, David Lam, expressed his pride in his son's heroism. Police identified Alek Minassian , a 25-year-old from the nearby town of Richmond Hill, as the man who had been arrested.
Facebook said in its first quarter earnings report on Wednesday that cash and equivalents rose to $44 billion in the period. Facebook stock gained more than 4 per cent in after-hours trading and was up 7 per cent following its conference call .
Its release in 2015 set Cosby's downfall in motion, prompting authorities to reopen the criminal investigation and bring charges. Defense attorney Kathleen Bliss chastised Constand for "cavorting around with a married man old enough to be her grandfather".
The candidate for Badami , from where Chief Minister Siddaramaiah will contest for the Congress, is yet to be announced. The BJP went into damage control mode and is rushing Prakash Javadekar and Muralidhar Rao to sort out the problem.
Friday night will bring rain and thunderstorms before midnight, and be on the lookout for patchy fog, the weather service said. The rain will subside by Thursday and will again warm to the mid 60s for another sunny day near the end of the week.
During the conversation, it was stressed that the crisis situation in Armenia must be settled within the current constitution. The ruling Republican Party holds a majority in parliament. "And for me, my goal isn't to become prime minister".
Cutting its slow-selling sedans and hatchbacks will serve to free up even more capital for light truck and mobility development. Ford plans to cut $25.5 billion in costs by 2022, up from a total of $14 billion the company announced to investors last fall.
Another Rapper Backs Kanye West
I got a lot, I got a lot of support . "You don't have to agree with Trump , but the mob can't make me not love him". Obama publicly called West a "jackass" in 2009 after the rapper interrupted Taylor Swift's speech at the VMAs.
Ford to ditch Fiesta and Mondeo from U.S. line-up by 2020
Could Ford of Europe be on the bubble? As of now, Ford loses cash on the Fiesta , Focus, and Fusion, as per The New York Times . Ford will drop the Fiesta hatchback and Fusion saloon (the American version of the Mondeo ) from its U.S. line-up by 2020.
New Orleans Pelicans Sweep Portland Trail Blazers
The most recent matchup between the two teams was April 7, when New Orleans beat Golden State 126-120 at Oracle Arena. Nurkic was excellent after the All-Star break, averaging 15.0 points on 56.3 percent shooting, with 10.6 rebounds.
Rick Zamperin: Maple Leafs fall apart in Game 7, season is over
The Capitals and Penguins await the start of the second round, when they will play each other for the third straight postseason. But the Bruins scored four times in the third, the first time this season Toronto allowed that many goals in the third period.
Bob Dorough of 'Schoolhouse Rock' dead at 94
Born in Cherry Hill, Ark., on December 12, 1923, Dorough grew up in Texas, where he first learned how to play music. Bethel, Pennsylvania, a spokesperson for Dorough told TheWrap.
Kim Wall death - what we know so far
But he later calmly explained that he dismembered her in order to be able to lift the body out through the vessel's narrow hatch. First he said she had died in an accident when she hit her head on the submarine's hatch and he had chose to bury her at sea.