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Investment banking boom lands Deutsche Bank first profit since 2014

4 Min Read FRANKFURT (Reuters) - Deutsche Bank eked out a small annual profit in 2020, its first since 2014, saying on Thursday it had made strong gains at its investment banking division. Over the past 10 years, Deutsche has lost a total 8.2 billion euros ($9.8 billion) and the return to profit marks an important milestone for Chief Executive Christian Sewing as analysts had been predicting another loss in 2020. “We have built firm foundations for sustainable profitability and are confident that this overall positive trend will continue in 2021, despite these challenging times,” he said in a statement detailing the results. Sewing was promoted in 2018 to turn around Germany’s biggest bank after years of losses and fines over money laundering failings and its role in the mortgage crisis.

Deutsche Bank swings to net profit in 2020, its first since 2014 - Netscape Money & Business

Deutsche Bank swings to net profit in 2020, its first since 2014 02/04/2021 6:43 FRANKFURT (Reuters) - Deutsche Bank swung to a small annual profit in 2020, its first since 2014, on the back of strong gains at its investment banking division, the German lender said on Thursday. The net profit attributable to shareholders of 113 million euros ($135.69 million) compares with a 2019 loss of 5.7 billion euros. Analysts had expected a loss of around 300 million euros for 2020. The return to profit is a victory for Chief Executive Christian Sewing, who was promoted in 2018 to turn around Germany s largest lender after years of losses and steep fines for money laundering and its role in the mortgage crisis.

Commerzbank : CEO finalises plans to cut 10,000 jobs, close branches

Commerzbank : CEO finalises plans to cut 10,000 jobs, close branches
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