Tuesday
21 August 2018
ADVERTS

DB is "bleeding" for 3rd consecutive year

02 February 18 - RE+D Magazine
DB is

COMPANIES

NBG PANGAEA

REIΤ - GREECE

Zeus

Fund - GREECE

IBI Group

Consultant - GREECE

ARXIKON S.A.

Developer - GREECE

PEOPLE

Antulio Richetta

Director IBI Group
Germany's biggest bank said that it had been pushed into the red for a third consecutive year by a €1.4 billion ($1.8 billion) hit from tax changes in the United States.

 

It also reported falling revenues, according to money.cnn.com. "Only a charge related to U.S. tax reform at the end of the year meant that we had to post a full-year after-tax loss," CEO John Cryan said in a statement.

"We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks."

Cryan, who joined Deutsche in 2015, has implemented a sweeping overhaul designed to help the lender compete with its global peers by reducing the cost and complexity of operations.

On Friday, he asked investors for more patience. Deutsche's shares dropped 6% in Frankfurt. The stock has lost over half its value since early 2014. The bank posted an annual loss for 2017 of €500 million ($625 million).

The tax charge resulted in a loss of €2.2 billion ($2.8 billion) in the fourth quarter. Revenues fell 12% in 2017, a slide the bank attributed to the sale of some businesses and challenging market conditions.

Comments

You must be logged in to make a comment
WAVE MEDIA OPERATIONS IKE © 2001-2017 | Όροι Χρήσης
Internet Business Hellas