Deutsche Bank’s net loss in Q2 worse than expected
Germany's leading lender Deutsche Bank posted €3.15 billion ($3.6 billion) net loss in the second quarter of 2019, the bank said on Wednesday.
The bank's revenues totaled €6.2 billion (over $7 billion) in the April-June period, down 6% compared to the same period last year, the bank said in a written statement.
THE BANK HAS RECENTLY UNVEILED 18,000 JOB CUTS
In the second quarter of 2018, the bank’s net income was €401 million ($465.16 million) while its revenues were €6.6 billion ($4.17 billion). The bank also posted €2.95 billion ($3.36 billion) loss in the first half of 2019, with €12.55 billion ($14.3 billion) revenue.
Christian Sewing, the CEO of the bank, said in the statement: “Excluding transformation charges the bank would be profitable and in our more stable businesses revenues were flat or growing."
"Charges related to strategic transformation, including the impact of a lowered outlook on business plans, were €3.4 billion ($3.87 billion)," the statement read.
Euro/the US dollar exchange rate was 1.14 as of the end of June 2019 and 1.16 as of the end of June 2018.