Deutsche Bank Reports Losses In Third Quarter
Deutsche bank reported a loss during the third quarter.
This will be the second straight quarter of reported losses, which comes after a restructuring effort that has left the bank searching long term profit streams. On Wednesday, shares were down 7.9%. Additionally, the bank suffered a 13% decline in revenue during the third quarter. Other comparable banks did not suffer the same losses.
The bank reported a third quarter loss of $924 million. This exceeded the estimates that analysts had predicted. The loss was largely tied to a billion-euro pretax loss associated with its restructuring efforts.
The low interest rates have added to the many challenges that Deutsche is currently facing. The reorganized investment bank has not yet achieved previous levels of revenue growth. Revenue for the investment bank arm of Deutsche fell 5% during the third quarter.
Deutsche Bank is still struggling to regain its footing after it announced that it planned on cutting 18,000 jobs. Despite worries, Chief Executive Christian Sewing has publicly stated that the bank is making apt progress in achieving its long term goals and once again reaching profitability.