Hurt by restructuring costs, Deutsche Bank suffers a $924 million third-quarter loss
) posted an 832 million euro third-quarter loss on Wednesday hurt by restructuring costs and weakness in fixed income trading, sending shares in Germany’s biggest lender down more than 7%.
CEO Christian Sewing noted the bank’s four core divisions posted a pretax profit. “These quarterly results are just an interim assessment, but they are encouraging,” Sewing wrote to staff. Credit Suisse on Wednesday reported a rise in third-quarter earnings buoyed by higher revenue in markets and international wealth management. Standard Chartered posted a 16% rise in quarterly profit helped by rising income from corporate and private banking clients.
But it has faced a stream of losses and scandal, prompting it to embark on one of the biggest overhauls to an investment bank since the aftermath of the financial crisis. Deutsche highlighted some progress in winding down 74 billion euros of risk-weighted assets, a pillar of its restructuring plan. JPMorgan, however, said it was concerned about revenue losses at the so-called capital release unit, which amounted to 223 million euros in the quarter and contributed to a 1 billion pretax loss at the unit.
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