Deutsche Bank Plunges Into Red For 2017 After Dilution, Revenue Warning
by Tyler Durden
ZeroHedge.com
Mar 20, 2017
After raising capital at a 35% discount over the weekend, Deutsche Bank shares are tumbling once again – back into the red for 2017 – after CEO John Cryan warned that revenue would be “broadly flat” in 2017. As Bloomberg reports,
Germany’s biggest bank has seen revenue falling or little changed from last year across most of its businesses. For the full year, the lender expects revenue to be “broadly flat,” it said in its annual report published Monday.
While an economic recovery in Europe, expectations for fiscal stimulus in the U.S. and rising interest rates should bolster the bank, “2017 will remain a year of change,” Cryan said in the report.
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In a prospectus for the offering, also published Monday, the bank said “segmental revenues” through mid-March are “slightly lower” than in the comparable period last year. Revenue was flat in equities sales and trading, while debt sales and trading as well as corporate finance are up from a year earlier, though by a smaller margin than in the first two months. Revenue in the private wealth and commercial clients unit is flat in the first two months of the year, and global transaction banking declined.
The Rest…HERE
