5/23/2019, 10:39 AM (Source: TeleTrader)
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Deutche Bank CEO: Prepared to make tough cutbacks

Chief Executive Officer of Deutsche Bank Christian Sewing (pictured) stated on Thursday that Germany's largest lender is prepared to make "tough cutbacks" to its investment banking sector, but did not offer any details of his plan. Speaking at the annual shareholder meeting in Frankfurt, Sewing added that the troubled bank plans to accelerate its transformation by focusing on profitable and growing businesses which are "particularly relevant for out clients."

Deutsche Bank shares have seen a steady decline in recent months and years which were marked by several anti-money laundering probes and allegations, weak earnings results and the breakdown of merger talks with rival Commerzbank. The bank's stock lost 1.22% at this morning's opening bell to reach a new all-time low of €6.534. The company lost over 16% just in the past month and plunged over 40% in the last 13 months.

Breaking the News / FH