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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank AG    DBK   DE0005140008

DEUTSCHE BANK AG

(DBK)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 11/27 04:29:01 am
9.517 EUR   +1.06%
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Deutsche Bank looks to cut 10,000 jobs to reduce costs

05/23/2018 | 02:36pm EST
FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt

FRANKFURT (Reuters) - Deutsche Bank plans to cut 10,000 jobs, or about a tenth of its global workforce, as part of efforts to reduce costs, a person with knowledge of the matter said on Wednesday.

The German bank's supervisory board met on Wednesday evening to talk about job cuts and other details of a broad restructuring plan ahead of the company's annual general meeting on Thursday.

Deutsche Bank declined to comment.

The Wall Street Journal first reported the job cuts on Wednesday, adding that they were likely to extend into 2019.

The loss-making bank said after an abrupt management reshuffle last month that it aimed to scale back its global investment bank and refocus on Europe and its home market after three consecutive years of losses.

Deutsche Bank, Germany's biggest bank, is expected to announce further details of its reorganisation plans early on Thursday.

Bloomberg News reported the bank was planning to withdraw from a number of equities markets across the globe.

The Bloomberg report, which cited unidentified people, said that Deutsche would sharply scale back its presence in the United States, and had started cutting activities in Central Europe, the Middle East, and Africa.

When it announced last month that it would scale back its investment bank, Deutsche Bank said equities was one of the areas it was looking at for possible cuts.

It has also said that it would cut back U.S. bond trading and the business that services hedge funds.

ACHIEVABLE TARGETS

Shareholders, fed up with a languishing share price and dwindling revenues, will call on the bank's management to speed up the recovery process at the AGM.

Hans-Christoph Hirt, head of shareholder adviser Hermes EOS at Hermes Investment Management, told Reuters on Wednesday he wanted to see a "credible strategy with achievable targets".

Deutsche Bank Chairman Paul Achleitner last month abruptly replaced CEO John Cryan with Christian Sewing amid investor complaints that the bank was falling behind in executing a turnaround plan.

"Critically, the most recent CEO appointment needs to work out," Hirt said.

Deutsche Bank's shares have fallen nearly 31 percent this year.

The bank is also under pressure from credit ratings agencies. Standard & Poor's is expected to say by the end of the month whether it will cut Deutsche Bank's rating after putting it on "credit watch" in April.

(Reporting by Tom Sims; Editing by Jane Merriman/Edward Taylor/Susan Fenton)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY -1.94% 256.43 Delayed Quote.48.00%
DEUTSCHE BANK AG 1.07% 9.508 Delayed Quote.36.14%
DOW JONES AFRICA TITANS 50 INDEX -0.16% 506.4 Delayed Quote.-6.05%
EOS - ETHEREUM -0.46% 0.005627 Real-time Quote.-69.81%
EOS - UNITED STATES DOLLAR -3.64% 2.8484 Real-time Quote.32.96%
S&P AFRICA 40 INDEX 0.12% 164.24 Delayed Quote.-5.58%
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Financials
Sales 2020 23 899 M 28 506 M 28 506 M
Net income 2020 -411 M -490 M -490 M
Net cash 2020 34 913 M 41 645 M 41 645 M
P/E ratio 2020 -73,4x
Yield 2020 -
Capitalization 19 441 M 23 147 M 23 190 M
EV / Sales 2020 -0,65x
EV / Sales 2021 -0,98x
Nbr of Employees 86 984
Free-Float 92,5%
Chart DEUTSCHE BANK AG
Duration : Period :
Deutsche Bank AG Technical Analysis Chart | DBK | DE0005140008 | MarketScreener
Technical analysis trends DEUTSCHE BANK AG
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 23
Average target price 7,11 €
Last Close Price 9,42 €
Spread / Highest target 6,19%
Spread / Average Target -24,5%
Spread / Lowest Target -57,5%
EPS Revisions
Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr President
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operating Officer
James von Moltke Chief Financial Officer
Sector and Competitors