Friday, 24 March, 2017

Deutsche Bank shares plunge amid £6.5billion 'LAST resort' call for cash

Doubts about Deutsche Bank’s financial strength intensified after the US Justice Department in September demanded $14 billion to end an inquiry into mortgage securities that fueled the 2008 financial crisis Deutsche Bank board to meet Sunday to discuss capital hike
Preston Stone | 07 March, 2017, 00:13

Can Deutsche Bank AG turn tables after this earnings announcement? The CIB unit was headed by Jeff Urwin, a former JP Morgan banker who had joined Deutsche Bank as Fan's co-head earlier in 2015.

Losses and mounting legal bills raised doubts about Deutsche Bank's financial strength, which intensified after the USA justice department in September demanded $14 billion (€13.2 billion) to end an inquiry into mortgage securities that fuelled the 2008 financial crisis.

Deutsche will reunite its cash cow securities trading unit and corporate finance business under one roof, having separated them in 2015. Cryan will take on the responsibility for the U.S., while CFO Marcus Schenck will join Garth Ritchie as co-heads of the new corporate and investment bank.

The firm plans to cut more than €2 billion of costs from the €24.1 billion in adjusted expenses it had previous year.

Troubled German banking behemoth Deutsche Bank (IOB: 0H7D.IL - news) revealed Sunday a major shift in strategy, saying it plans to increase capital by issuing shares and renew its focus on its home market.

If at first...: Deutsche Bank said it plans to sell €8 billion ($8.5 billion) in stock to bolster its capital position, its third trip to the equity market since 2013. HSBC Holdings plc set a €19.00 ($20.21) price objective on Deutsche Bank AG and gave the stock a "neutral" rating in a report on Tuesday, January 31st.

The bank said it will keep its Postbank consumer division and cut total costs to 22 billion euros by 2018, the Frankfurt-based company said in a statement Sunday.

USA to slow processing of visas for high-skilled workers
Technology companies, including those from India, depend on it for hiring tens of thousands of employees each year. The US H1-B visa is a non-immigrant visa, which allows firms to hire foreign workers in specialised occupations.

Around 9,000 job cuts in Deutsche Bank's network of German branches have always been a part of Cryan's plans.

There are 7 sell ratings, 8 hold ratings on the stock.

"The question is ... whether the bank will need more yet again in a few years".

In terms of market analysis and trading signals, RSI moving above the horizontal 30 reference level is viewed as a bullish indicator, while the RSI moving below the horizontal 70 reference level is seen to be a bearish indicator. The company's year to date (YTD) performance is at 6.91%. Deutsche Asset Management is an investment management organization.

In Private Wealth & Commercial Clients (PW&CC), revenues were flat versus the comparable period in 2016 as the impact of low interest rates was mainly offset by positive developments in investment products supported by asset and deposit inflows.

"Investors refused to buy into DB's restructuring plans, given that the latest restructuring, which has taken place previous year has not achieved anticipated results and apparently harmed investors' confidence in the bank's ability to succeed", said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note.

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