Tuesday, May 21, 2024
 
 

Deutsche Bank Q4 Loss Widens

EPA-EFE/MAURITZ ANTIN
Signage of Deutsche Bank at an office building in Frankfurt, Germany, 24 April 2019.

- Advertisement -

Germany’s Deutsche Bank announced its net loss widened in the fourth quarter, in the period October-December. The fourth-quarter included “transformation charges” of €608 million and restructuring costs to the tune of €473 million. In July, the company said it plans to cut thousands of jobs by 2022 in a restructuring aimed at restoring consistent profitability.
The bank reported a net loss of €1.48 billion for the last quarter, compared with €409 million a year earlier. In total, it lost €5.27 billion in 2019, compared with its 2018 profit of €341 million.
The bank said full-year loss “was entirely driven by transformation-related effects” and those effects “were broadly in line with projections”.
“As at the end of 2019, Deutsche Bank had recognized 70% of the anticipated cumulative costs to achieve its transformation strategy between 2019 and 2022”, the company added.

- Advertisement -

Subscribe to our newsletter

Latest

U.S.-Kazakhstan dialogue on human rights and democratic reforms continues

The United States and Kazakhstan convened the third annual...

Tackling new threats to critical energy infrastructure

The explosions that targeted the Nord Stream pipelines from...

Georgia’s “Foreign Representatives Law” moves forward amid protests

On May 14, Georgia’s parliament approved (84/150) a hotly...

North Macedonia: Sliding back towards the political dark side?

As most analysts predicted after the strong showing of...

Don't miss

U.S.-Kazakhstan dialogue on human rights and democratic reforms continues

The United States and Kazakhstan convened the third annual...

Tackling new threats to critical energy infrastructure

The explosions that targeted the Nord Stream pipelines from...

Georgia’s “Foreign Representatives Law” moves forward amid protests

On May 14, Georgia’s parliament approved (84/150) a hotly...

North Macedonia: Sliding back towards the political dark side?

As most analysts predicted after the strong showing of...

A Green 5+1, regional water issues in Central Asia and previewing next year’s Astana International Forum

Kazakhstan’s Astana International Forum (AIF) has been postponed to 2025, as Astana...

Uzbekistan to mobilize investment in environmental protection, sustainable development

NE Global sat down for an interview, in the Uzbek capital, during the 3rd Tashkent International Investment Forum (TIIF) with Aziz Abdukhakimov, Uzbekistan's Minister of Ecology,...

UK and Kazakhstan deepen strategic cooperation

During a visit to Astana, UK Foreign Secretary David Cameron, and Kazakhstan’s Foreign Minister Murat Nurtleu signed a Strategic Partnership and Cooperation Agreement, opening...

G7 Italy 2024 Foreign Ministers’ Statement on Addressing Global Challenges, Fostering Partnerships

The text of the following statement was released by the G7 foreign ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the...

U.S.-Ukraine Partnership Forum focuses on engaging the private sector in Ukraine’s Recovery

On April 17, in partnership with the U.S. Department of State, the U.S. Department of Commerce, and USAID, the U.S. Chamber of Commerce hosted...

The Schengen Zone expands conditionally, for air and sea travelers

Europe’s passport-free Schengen Zone took an important step forward on March 31 with the partial inclusion of Romania and Bulgaria. Travelers arriving in the...

Inaugural B5+1 Forum launched to boost regional trade and investment

On March 13-15, government policymakers, business leaders, experts, and investors from C5+1 countries inaugurated the first-ever Business 5+1 (B5+1) Forum which was held in...

Russia sanctions remain a powerful tool to support Ukraine’s defense

Western leaders should not dismiss the two-year long sanctions campaign (as opposed to the 2014 Crimea sanctions) as unsuccessful simply because the Kremlin has...

New U.S. Russia sanctions widen scope, adding 500 new targets

The U.S. State Department released a comprehensive list of new sanctions measures on February 23, clearly the culmination of months of preparation in order...