Deutsche Bank AG (NYSE:DB) Fell -1.96% in Premarket
Mar 07 2017
Shares (Berlin: DI6.BE - news) in the bank plunged at several points throughout the year, including when news of the DoJ's demand became public in September and when several hedge funds later withdrew investments.
Separating the business from the advisory and underwriting units and shrinking it was part of his initial overhaul announced in October 2015.
He stated: "Our results for the year 2016 were heavily impacted by decisive management action taken to improve and modernise the bank, as well as by market turbulence for Deutsche Bank".
Schenck will also become co-head of the investment bank alongside Garth Ritchie, who now heads the bank's bond and equities trading activities.
Those measures mean the bank will have just three business divisions going forward: a private and commercial bank focused on Germany, a corporate and investment bank, and its asset management business.
The combined bank will serve over 20 million customers in Europe's largest economy, 10 million of which are already using digital offerings.
German banking powerhouse Deutsche Bank wants to beef up its capital reserves by selling off millions of new shares, as well as overhauling its business structure, in the wake of massive losses and worldwide sanctions.
European stocks sank on Monday (Mar 6) after Germany's troubled Deutsche Bank unveiled plans over the weekend to raise €8.0 billion (US$8.5 billion) in fresh capital. Cryan will take direct oversight for the U.S. operations, and the firm is recombining its investment banking and trading units after splitting the two in 2015. The goal? To reinvent the bank in the face of the recent problems, in the hopes that Deutsche can turn its fortunes around in the near future.
"That's to be welcomed, but investors still need more details".
Payout Ratio Target:Deutsche Bank's relatively weak capital situation has forced the bank to keep dividends low since the downturn, and this is not expected to improve in 2017. Schenck will run the combined unit with Garth Ritchie, who now leads the trading division.
There are 7 sell ratings, 8 hold ratings on the stock. Another, global markets, housed sales and trading activities.
Corporate Finance year to date performance was strong with revenues up over 15% year on year reflecting positive momentum in primary markets that drove significant increases in debt and equity issuance. Aside from that, the company would also expect to raise about Euros two billion from asset management IPO, as well as, disposals.
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