Deutsche Bank on Dec. 10 said that reaching its 8% 2022 return-on-tangible-equity target had become harder because of low interest rates in the euro zone.
Ahead of the lender’s “Investor Deep Dive” day in Frankfurt, Chief Executive Christian Sewing reduced his 2018 to 2022 revenue growth assumptions for the private bank unit, which includes wealth management and the German retail lender. Growth will now be flat, he said, compared with a 2% compound annual growth rate published in July. The investment bank will grow at a 2% annual rate, he said, compared with a previous 0% assumption.
Sewing also said that the European Central Bank had reduced Deutsche’s common equity tier 1 capital requirement to 11.59% from 11.84% previously. Chief Financial Officer James von Moltke said it reflected “progress we have made and our ongoing commitment to conservative balance sheet management and strong internal controls”.
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