“Deutsche Bank AG (DBK), continental Europe’s biggest bank, said it will shrink its balance sheet by 250 billion euros ($332 billion), joining Barclays Plc (BARC) and UBS AG (UBSN) in seeking to comply with stricter capital rules. Deutsche Bank will reduce leverage by changing the way it accounts for derivatives and by winding down a 73 billion-euro portfolio of assets. Co-Chief Executive Officer Anshu Jain has been offloading riskier assets, firing staff and raising capital by selling shares as lingering doubts about the ability of Europe’s banks to withstand another financial crisis prompted regulators and shareholders to demand stronger finances.”
Deutsche Bank to Cut Assets $332 Billion as Profit Slides
Deutsche Bank AG (DBK), continental Europe’s biggest bank, said it will shrink its balance sheet by 250 billion euros ($332 billion), joining Barclays Plc (BARC) and UBS AG (UBSN) in seeking to comply with stricter capital rules.
Deutsche Bank will reduce leverage by changing the way it accounts for derivatives and by winding down a 73 billion-euro portfolio of assets, Chief Financial Officer Stefan Krause told investors on a conference call today. Krause announced the plan after the bank said net income slid 49 percent to 334 million euros, missing the average 767.6 million-euro estimate of nine analysts.
Signs for Deutsche Bank AG, continental Europe’s biggest bank, are seen illuminated on the exterior of the bank in Berlin. Photographer: Krisztian Bocsi/Bloomberg
July 30 (Bloomberg) — Otto Dichtl, managing director at Stifel Nicolaus Europe Ltd., talks about Deutsche Bank AG and UBS AG’s second-quarter profit. He speaks with Mark Barton on Bloomberg Television’s “Countdown.” (Source: Bloomberg)
By the end of last year, Anshu Jain, co-chief executive officer of Deutsche Bank AG, and his board completed the majority of almost 2,000 job cuts, including more than 800 at the investment-banking unit. Photographer: Munshi Ahmed/Bloomberg
Signs for Deutsche Bank AG, continental Europe’s biggest bank, are seen illuminated on the exterior of the bank in Berlin. Photographer: Krisztian Bocsi/Bloomberg
Co-Chief Executive Officer Anshu Jain has been offloading riskier assets, firing staff and raising capital by selling shares as lingering doubts about the ability of Europe’s banks to withstand another financial crisis prompted regulators and shareholders to demand stronger finances.
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