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Restructuring Deutsche Bank posts $3.45 billion loss

Posted at 10:25 PM, Jul 23, 2019
and last updated 2019-07-24 01:25:04-04

FRANKFURT, Germany (AP) — Deutsche Bank says it lost 3.1 billion euros ($3.45 billion) in the second quarter as the bank booked heavy charges for its sweeping restructuring that will drop 18,000 jobs.

The bank said in a news release Wednesday that without the charges it would have made net profit of 231 million euros and that a “substantial portion” of the deductions to earnings for the restructuring were now behind it.

The charges included revaluing deferred tax matters, a lowered outlook for its business plans, and losses on software and service contracts.

Deutsche Bank has struggled with low profits, high costs, questions about its business model, and fines and settlements with regulators for misconduct. CEO Christian Sewing took over last year with a mandate to cut costs and improve returns to shareholders.