Frankfurt — Deutsche Bank eked out a small profit in 2020, an important milestone for CEO Christian Sewing after five years of losses, as an investment banking earnings surge offset a weaker showing in its other businesses.
Sewing was promoted to CEO in 2018 to turn Deutsche around after a series of embarrassing and costly regulatory failings, including over money laundering. This boosted its investment bank, whose revenue rose 32% to €9.28bn in 2020, and by 28% in its key fixed-income and currency sales and trading business.
Sewing, in announcing 18,000 job cuts and the closure of its global equities business in a major revamp announced in 2019, said the investment bank should contribute only 30% of core revenues. In 2020 it accounted for close to 40% of core revenue.