Thursday 30th January, 2020
Deutsche Bank has posted a full-year net loss of 5.3 billion Euros, putting this result down to a transformation project which is now 70% complete.
As part of this major restructuring, the German lender announced in July last year that it would pull out of its global equities sales and trading operations and cut 18,000 jobs to trim its adjusted cost base by 20% by 2022.
The bank’s Common Equity Tier 1 (CET1) capital ratio improved to 13.6% during the fourth quarter, comfortably meeting recent guidance of above 13% for year-end 2019.
Deutsche Bank Chief Financial Officer James von Moltke told CNBC that the lender was pleased with the momentum seen in the fourth quarter during the early stages of restructuring.
"Our revenues in the investment bank were up 22% year-on-year excluding specific items, which demonstrates that we also participated in the generally better conditions in the fourth quarter."
The Bank said, it has reaffirmed its confidence in meeting its target of a CET1 ratio above 12.5% at all times during execution of the transformation strategy through 2022.