About: http://data.cimple.eu/news-article/ee81516b91b8119630edf047e0d368ed93f1ad55c1798c2b010128ea     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

AttributesValues
rdf:type
schema:articleBody
  • Germany's biggest lender Deutsche Bank said Thursday that it lost 5.7 billion euros ($6.3 billion) in 2019, its fifth annual loss in a row and its second-worst ever result. Deutsche's net result was significantly worse than the 5.3-billion-euro loss forecast by analysts surveyed by Factset, dragged down by the costs of a massive restructuring launched in July. 2019's loss was "entirely driven by transformation-related effects," the bank said in a statement. A total of three billion euros went on charges, writedowns in the value of intangible "goodwill" assets and costs relating to the restructuring and severance pay for the first among over 18,000 planned job cuts. Deutsche slashed its payroll in 2019 by 4,100, to around 87,600, it added. Meanwhile tax effects related to the restructuring weighed on the bottom line to the tune of 2.8 billion euros. Deutsche reported revenues of 23.2 billion euros, down eight percent year-on-year, and a pre-tax loss of 2.6 billion. Nevertheless, "our new strategy is gaining traction," chief executive Christian Sewing insisted in a statement. Deutsche says that 70 percent of the costs it expects from the restructuring up to 2022 have now been accounted for in its results. And despite the losses, "with our strong capital position... we're very confident we can finance our transformation with our own resources and return to growth," Sewing said. The chief executive's plan calls for Deutsche to retreat from some of the activities and regions of the world it ventured into during its breakneck expansion prior to the financial crisis. Instead, bosses want to refocus the bank on its business with corporate clients and its home region of Europe. Units belonging to that future so-called "core bank" reported a pre-tax profit of 543 million euros, Deutsche said. Meanwhile a unit set up to divest assets not useful to the bank's new strategy reduced its holdings from 56 to 46 billion euros in the fourth quarter alone, while making a pre-tax loss of 3.2 billion euros over the year. Looking back to 2018, the bank as a whole was forced to revise its result for that year down from a 267-million-euro profit to a 52-million-euro loss. jpl-tgb/wdb
schema:headline
  • Deutsche Bank reports fifth annual loss in a row in 2019
schema:mentions
schema:author
schema:datePublished
http://data.cimple...sPoliticalLeaning
http://data.cimple...logy#hasSentiment
http://data.cimple...readability_score
http://data.cimple...tology#hasEmotion
Faceted Search & Find service v1.16.115 as of Oct 09 2023


Alternative Linked Data Documents: ODE     Content Formats:   [cxml] [csv]     RDF   [text] [turtle] [ld+json] [rdf+json] [rdf+xml]     ODATA   [atom+xml] [odata+json]     Microdata   [microdata+json] [html]    About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data] Valid XHTML + RDFa
OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 3 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software