Deutsche Bank ends the second quarter of 2013 in trouble. Pre-tax profits stood at 792 million euros (-18%), much lower than the 1,3 billion expected by analysts, and in sharp contrast with the general trend of the banking sector in Europe.
The result of the German institute can be attributed to the weakness of commercial revenues, the increase in total provisions, which rose to 3 billion from 2,4 billion in the first quarter, and legal disputes relating to the investment banking division for 600 million euros.
Chief Financial Officer Stefan Krause said that most of the cost-cutting measures will take place in the second half of the year. Deutsche Bank has a plan to reduce staff by more than 1,7 and cut other expenses, totaling $1,5 billion this year and $2014 billion in XNUMX.
By mid-morning, the Deutsche Bank stock dropped more than two percentage points.
