7/8/2019, 10:48 AM (Source: TeleTrader)
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Deutsche Bank targets €6B in pretax profit

The aim of the upcoming massive restructuring, with 2022 on the horizon, is to reach annual revenue of €25 billion of which €7.5 billion in the investment banking division and €2.5 billion in asset management, Deutsche Bank AG said on Monday. In a strategic update after the announcement of the overhaul, the struggling German lender said the results would translate to €6 billion in profit before tax which means adjusted expenses would be slashed by a quarter.

The target for the corporate bank is to grow it, as a core activity, to €6 billion per year next year. Chief executive Christian Sewing said there are opportunities in synergies in private banking and that partnerships would help the wealth management segment. The assets earmarked for divestment are receiving strong interest, according to the release.

"Spectacular ambition" in investment banking is over but scaling back would result in more stability, he added. Shares reached a session low at 10:48 am CET, trading 0.35% up for the day at €7.2 apiece.

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