FRANKFURT - German lender Deutsche Bank on Wednesday posted a loss in the second quarter as the bank undergoes a costly overhaul amid the coronavirus crisis.
The bank also offered a more optimistic revenue outlook for the year, with revenues now expected to be"essentially flat" rather than the"slightly lower" amount previously flagged. CEO Christian Sewing, noting that the bank began its restructuring a full year ago, said in a memo to staff that"the fruits of all our labour are already starting to show".
Deutsche Bank said that it increased provisions for credit losses to 761 million euros, up from 161 million a year ago.
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