Deutsche Bank CEO Christian Sewing at a the bank's annual news conference in Frankfurt, Germany, January 30 2020. Picture: REUTERS/RALPH ORLOWSKI
In a Sunday-night statement reminiscent of some of Deutsche’s most turbulent years, CEO Christian Sewing raced out an early glimpse of its earnings. This time he had some good news for investors. Revenue, which has been under pressure as the lender shrank, held steady at €6.4bn , a figure that exceeded even the most optimistic of analyst estimates by a wide margin.
The bank also delivered on its cost-reduction plans, hitting analyst estimates, and said it remains on track to meet year-end objectives. But controlling expenses has become much more complicated in the pandemic era. The spike in revenue from securities trading will normalise now that investors have rebalanced their portfolios.
Sewing had pledged to cut almost 18,000 jobs by 2022, but in March he paused involuntary departures in view of the coronavirus outbreak and Germany’s broader need to protect the economy. While the bank may not be hiring many people during the pandemic, fewer will want to leave during the worst economic contraction since the 1930s. The additional cost will put pressure on trader bonuses and the investment needed across the firm.
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