Deutsche Bank slashes its 2nd-quarter losses as investment-banking revenues surge 46% | Markets Insider

, but its net interest income didn't meet Wall Street's expectations.

"We continued to execute on our strategy and made further tangible progress against our objectives despite the challenges associated with the COVID-19 pandemic," CEO Christian Sewing and his team said in the earnings release.Deutsche Bank reported a slight increase in revenues and dramatically narrowed its losses in the second quarter as its transformation efforts paid off. However, its net interest income fell short of the consensus estimates of analysts polled by Bloomberg.

The German banking giant slashed its non-interest expenses by about 23%, which helped it swing to a pre-tax profit of 158 million euros, compared to a pre-tax loss of 946 million euros in the second quarter of 2019.'Castles built on sand': Famed economist David Rosenberg says investors are being too reckless as stocks rally — and that a vicious long-term bear market is far from over

Among its divisions, the investment bank was the standout performer. Net revenues surged 46% to 2.7 billion euros there as sales and trading revenues in the fixed income and currency subdivision jumped 39%, and origination and advisory revenues leapt 73%.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Deutsche Bank to end global business activities in coal mining by 2025Deutsche Bank , in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining by 2025 at the latest. Jared Kushner 2025 Y’all won’t be in business by 2025
Source: Reuters - 🏆 2. / 97 Read more »

U.S. lawmakers, Bank of America press small business agency to fix PPP lending dataBank of America Inc , the second-largest U.S. lender, has asked the Trump administration to correct data meant to offer public accountability on the recipients of $520 billion in pandemic aid designed to preserve jobs, and a group of U.S. Democratic lawmakers has written to demand action before more funds are distributed. The 30 lawmakers outlined a series of 'grave concerns' about errors in the data for the Paycheck Protection Program (PPP) in a letter on Monday to the Small Business Administration, asking that the agency 'rectify these issues promptly,' according to a copy of the letter viewed by Reuters. Locking for Creative Eye-Catching Business card design at a very affordable price? Check Out: 此 The SBA is crooked and inept.
Source: Reuters - 🏆 2. / 97 Read more »