Deutsche Bank tumbles on a disappointing quarterly loss after 'necessary evil' spending on a massive overhaul
The bank posted €315 million in costs on"severance and transformation-related charges," which dragged on the bank's third-quarter earnings. "The most significant driver" of the sales decline, the bank said in the statement, was"our strategic decision to exit equities sales and trading." "Bond trading is about all it has left in investment banking," said one analyst. Sales in that unit plunged 13%. The shares plunged 4.8%.
The bank posted €315 million in costs on"severance and transformation-related charges," which dragged on the bank's third-quarter earnings. "The most significant driver" of the sales decline, the bank said in the statement, was"our strategic decision to exit equities sales and trading." "Bond trading is about all it has left in investment banking," said one analyst. Sales in that unit plunged 13%. The shares plunged 4.8%.
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