Eurozone economy in TATTERS as Deutsche Bank income plunges nearly 100 PER CENT

Wednesday, July 27, 2016
By Paul Martin

GERMAN giant Deutsche Bank shocked markets with a dismal trading update this morning, adding to fears the economic outlook for the eurozone has darkened.

By LANA CLEMENTS
Express.co.uk
Wed, Jul 27, 2016

nvestors rushed to dump stocks in Deutsche after it revealed second quarter net income had dived by 98 per cent to around £16million (€20m) from from £668m (€796m) in the same period last year.

Revenue in the quarter fell a sharp 20 per cent to £6.2 bn (€7.4bn).

The dire results sent Deutsche’s share price tumbling by 4.6 per cent.

The group boss today warned the poor outlook could lead to even more jobs cuts and cost cutting than was already underway.

Chief executive John Cryan said: “If the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring.”

The firm is one of Germany’s largest lenders and had already lost around 40 per cent of its value this year amid investor concerns, which include the current low rate interest and a struggling European economy.

The Rest…HERE

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