Deutsche boss warns on more job cuts

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'If the current weak economic environment persists, we will need to be yet more ambitious in the timing and the intensity of our restructuring'.

Deutsche Bank, which runs Europe’s biggest investment bank, said second-quarter profit was almost wiped out as trading revenue slumped and it set aside money to reduce jobs, with CEO John Cryan signalling possible deeper cuts.

Bloomberg News reports that net income decreased to $20m from $874.9m a year earlier, the company said in a statement on Wednesday. 

Cryan, 55, has been cutting risky assets, freezing dividend payments and eliminating about 9,000 staff to boost capital levels and reverse a slump that has made the stock the worst-valued global investment bank. His task has been complicated by mounting legal costs, record-low interest rates and volatile markets, with Britain’s decision to exit the European Union clouding economic prospects and potentially weighing on deal-making across the region.

'While our results show that we are undergoing a sustained restructuring, we are satisfied with the progress we are making', Cryan said in the statement.

'If the current weak economic environment persists, we will need to be yet more ambitious in the timing and the intensity of our restructuring'.

To access the complete Bloomberg News article hit the link below:

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