Monday, October 2, 2023
 
 

Deutsche Bank Q4 Loss Widens

- 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

Iran protesters mark anniversary of “Bloody Friday”

Residents in the southeastern Iranian province of Sistan and...

US announces Israel’s acceptance into the Visa Waiver Program

Israeli citizens will be allowed visa-free entry into the...

UN General Assembly 2023: More progress urgently needed on Sustainable Development Goals

The 78th United Nations General Assembly (UNGA) kicked off...

Don't miss

Iran protesters mark anniversary of “Bloody Friday”

Residents in the southeastern Iranian province of Sistan and...

US announces Israel’s acceptance into the Visa Waiver Program

Israeli citizens will be allowed visa-free entry into the...

UN General Assembly 2023: More progress urgently needed on Sustainable Development Goals

The 78th United Nations General Assembly (UNGA) kicked off...

Europe’s lawmakers see opportunity for regime change a year after Iran’s latest uprising

On September 21, representatives of various political groups held...

Central Asia’s leaders get into specifics on trade-boosting initiatives

In the collective daydreams of Central Asian presidents, there is no end to the possibilities for regional integration.The ideas came thick and fast at...

US-ASEAN establish a research center in Washington, D.C.

Vice President Kamala Harris, who was in Jakarta for a US-ASEAN Summit on September 6, announced Washington’s decision to establish a joint center with...

Uzbekistan’s remarkable resurgence is a tale of growth, reform, potential

In an era characterized by global turbulence and uncertainty, there are few stories as compelling as that of Uzbekistan. A country that has weathered...

Mongolia to expand its economic and trade partnerships

Mongolia, the landlocked mineral-rich country bordered by Russia and China - the world's two preeminent authoritarian-run nations, is looking to expand its economic, trade,...

US-UK Strategic Sanctions Dialogue inaugurated

Building on the unique economic and security partnership between the two nations, the US Department of State hosted a senior UK government delegation for...

Back to Business: Greek conservatives rout socialist opposition parties in second round elections

Delivering an undeniable demonstration of Greece’s current focus on stability and the need to generate continued economic growth, the June 25 election produced the...

Reimagining policy on the future of work

In 1986, the American pop group The Bangles had a hit with “Manic Monday”, where singer Susanna Hoffs laments the start of another working...

New programs and recently approved projects from the US’ Development Finance Corporation

The DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today.