Posted on Oct 28, 2020 at 11:03 amUpdated Oct 28, 2020 2:49 PM
Deutsche Bank returns to profit. After six months drowned in the red because of its restructuring costs, the first German bank closed its third quarter with 482 million euros of profit before tax. Its revenues increased by 13% compared to the previous year to reach 5.9 billion euros. For his boss, Christian Sewing, this is a sign that the transformation launched in July 2019 “ bearing fruit “.
Long regarded with suspicion after the group’s negative experiences on Wall Street, market activities are driving growth with revenues up 43% to 2.4 billion euros. Another sign of the recovery of investment banks. Revenues from trading in the currency and rate trades – Deutsche Bank’s expertise – rose 47%, compared to an average of 25% for the five largest US investment banks.