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Deutsche Bank sets grim tone for Europe's banks

Video Credit: Reuters Studio - Duration: 01:24s - Published
Deutsche Bank sets grim tone for Europe's banks

Deutsche Bank sets grim tone for Europe's banks

Deutsche Bank announced a second consecutive quarterly loss on Wednesday, at the start of a heavy day of earnings from the sector.

David Pollard reports.

A 924 million dollar Q3 loss - shares down six per cent.

Deutsche Bank's early Wednesday (October 30) headlines set the tone for a banking sector under pressure ... Not least from shareholders.

Trading saw 24 out of 25 listings on the Euro Stoxx Banks Index in the red ... With Deutsche the worst off.

Its earnings report marked the second consecutive quarterly loss ... As the lender - Germany's biggest - factored in the cost of a restructuring that will eliminate 18,000 jobs.

CEO Christian Sewing noted that four core divisions posted a pretax profit ... But analysts reacted negatively to a 15% fall in revenues ... And - with a 13% drop in bond trading revenues - to signs of continued weakness in investment banking.

Among others on Wednesday, Credit Suisse announced a doubling in Q3 profits .... But its shares were down anyway as it flagged key risks from Brexit and U.S.-China trade tensions.

Standard Chartered added protests in Hong Kong - its biggest market - to its list of headwinds.

But its shares added over two per cent on a 16%, forecast-beating rise in quarterly profit ... Santander came in better than forecasts too ... But reported a 75% year on year fall in net profits on one-off charges.

Its shares were down over 2%.




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