Deutsche Bank lowers the shot. The German financial giant has revised downwards its targets for 2011: the pre-tax profit of 10 billion euros for core business activities is no longer considered a likely target. The news brought down the share on the Frankfurt Stock Exchange: around 15 pm the Bank's shares lost more than 30%. The institute specifies that in any case the third quarter should close with a profit and that solid results are expected for the whole of 6,6.
The cut in targets reflects the devaluation of Greek government bonds, which have lost value by an amount equal to 250 million euros. The Bank will also cut around 500 jobs, mainly outside its domestic market. The CEO of Deutsche Bank, Josef Ackermann, specified that no capital increase is planned. The liquidity reserve available to the Bank is over 180 billion euro.
