FRANKFURT - Angela Merkel will give a welcome speech at Deutsche Bank’s annual New Year reception on Thursday, marking a rare appearance by the German chancellor at an event by a bank that for years has been battling losses and scandals.
But investors and analysts said that despite Merkel’s symbolic vote of confidence, the bank’s prospects remain uncertain. Deutsche, which is in the midst of a major overhaul, is forecast to make 1.6 billion euros less in revenue in 2022 than in 2020, a drop of 6%, based on a consensus forecast of analysts.
“It’s actually crucial ... to revitalise the corporate banking franchise in those areas where they so far lack presence,” said Michael Rohr, analyst with Moody’s, one of the ratings agencies that has become more confident in the bank’s outlook. Sewing has said the investment bank should contribute only 30% of core revenues. In 2020, it accounted for close to 40%.
“In view of the 150-year history of Germany’s largest bank, and the importance of the German banking industry in the current challenging situation, an appreciative tribute is only natural,” her office said.
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Deutsche Bank, for all its flaws, is Germany's only global capital-markets firm capable of helping German firms obtain capital on a global platform. It operates effectively as a privatized means for German commercial policy.
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