soared as much as 14% on Thursday after snagging a major new investment from fund giant Capital Group.BloombergThe upswing is Deutsche Bank's biggest intraday gain since August 2016, and brings the bank's year-to-date gain to 33%.
Capital Group handles more than $2 trillion in assets and focuses on long-term returns over passive, index-tracking strategies. The fund's investment is Deutsche Bank's first major shareholder addition since Hudson Executive Capital unveiled a 3.14% stake in October 2018, Bloomberg reported. The latest stake isn't Capital Group's first investment in the bank, according to Bloomberg data. The manager bought shares in 2011 and 2012, but soon sold off the position as Deutche Bank fell behind other global investment banks.announced in July
a plan to axe 18,000 jobs and shift business from serving asset managers and hedge funds to selling financial products to corporate clients. The company's equity sales and trading divisions were slashed, and the bank turned its focus to its fixed income and corporate lending businesses. Sewing updated investors on the overhaul in December, noting that fourth-quarter fixed-income revenue had improved from the year-ago period and that the business has made progress in stabilizing past revenue declines. The chief executive also forecasted investment bank revenue growth through 2022.The company has no "buy" ratings, 14 "hold" ratings, and 15 "sell" ratings from analysts, with a consensus price target of $7.76, according to Bloomberg data.
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