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Deutsche CEO will dust off Commerz merger in 2021

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Despite a recent trading boom, Deutsche Bank boss Christian Sewing will soon have to scrap his 2022 profit target. Since further cost cuts are tricky, reviving a 2019 aborted union with Commerzbank is the logical Plan B, writes LiamWardProud:

Deutsche Bank on Oct. 28 reported 5.9 billion euros of revenue for the third quarter of 2020, up 13% compared with the same period a year earlier. Pre-tax profit was 482 million euros - compared with a loss last year.

The biggest percentage increase was in the investment banking division, where revenue rose by 43% to 2.4 billion euros. Pre-tax profit in that business was 957 million euros. The group’s annualised return on tangible equity for the three-month period was 1.5%, while its common equity Tier 1 ratio was 13.3%.

 

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