CHRISTIAN SEWING

Cross-border M&A could bring about efficiencies for the industry. But a Banking Union might also lead to deeper divisions between states, just like America.

The Federal Reserve, European Central Bank, Swiss National Bank and the Bank of England all moved to rein in inflation last week, albeit to varying degrees.

Deutsche Bank says it reaped its best annual profit in 10 years last year.

Declining debt costs show CEO Sewing’s on the right track in reforming the German lender.

Christian Sewing, the new CEO of Deutsche Bank, speaks at the Deutsche Bank annual shareholders' meeting on May 24, 2018 in Frankfurt, Germany. Shareholders, frustrated by years of poor performance by Deutsche Bank, are calling for Achleitner to step down. LONDON — Deutsche Bank reported net income of 692 million euros ($818 million) for the second quarter of this year. Analysts had forecast a net profit of 328 million euros for the quarter, according to data collected by Refinitiv. In comparison, the German lender had posted a net income of 908 million euros in the previous quarter, on the back of a strong performance in its investment banking division.

(AP Photo/Michael Probst)FRANKFURT – Deutsche Bank made a profit of 624 million euros ($748 million) during the pandemic year 2020 as bond trading revenues grew and the German bank met its target for cutting costs. The yearly net profit compared to a loss of 5.26 billion euros in 2019, when earnings were hit by large one-time charges. For the fourth quarter of 2021, the bank made net profit of 189 million euros. The bank reduced non-interest expenses by 15% to 21.2 billion euros and has cut costs for 12 straight quarters, management said in a statement Thursday. Revenues for the year rose 32% to 9.3 billion euros at the investment banking division, boosted by a 28% jump in trading fixed income securities and currencies.

Christian Sewing, chief executive officer of Deutsche Bank AG, pauses as Germanys biggest bank announces full year earnings in Frankfurt, Germany, on Friday. The news is the latest acknowledgement of shoddy controls at Deutsche Bank since the 2008 financial crisis. Deutsche Bank has given bribes and expensive gifts to politically connected individuals in China, according to a New York Times report from 2019. The deal is also the latest bank settlement to be announced in the waning days of the Trump presidency. Deutsche Bank has been Donald Trump's main lender over the past two decades and he currently owes the institution more than $300 million, the Times has reported.

FRANKFURT – Deutsche Bank reported its third straight quarterly profit amid continuing government financial help for businesses during the coronavirus pandemic and as revenues rose at its investment bank division. CEO Christian Sewing said the bank was continuing to make progress on a long-term restructuring aimed at improving profits by shedding less profitable or riskier lines of business and cutting employee numbers. Chief financial officer James von Moltke said the government efforts to help businesses bridge the pandemic had helped. Money that had to be set aside to cover loans that aren’t being repaid increased 56% to 273 million euros in the quarter from the year-ago quarter, but fell from 761 million euros in the previous quarter. It continued to shed employees, lowering headcount to 87,000 at the end of the July-September quarter from 90,000 a year earlier.

2016A statue is seen next to the logo of Germany's Deutsche Bank in Frankfurt, Germany. Kai Pfaffenbach | ReutersLONDON — Deutsche Bank on Wednesday reported a net profit of 182 million euros ($214 million) for the third quarter, as Germany's largest lender looks to emerge from the coronavirus crisis. Provisions for bad loans totaled 273 million euros, adding to the 761 million euros allocated in the second quarter and 506 million in the first. Total non interest expenses came in at 5.2 billion euros in the third quarter, vs. 5.8 billion euros a year ago. Deutsche Bank has been embarking on a mass restructure since July 2019 in a bid to cut costs and return to long-term profitability.

From Deutsche Bank via CNNFRANKFURT, Germany - Germany's top banker has a warning for Europe's central bank: another interest rate cut could do more harm than good. "It will have serious side effects," Deutsche Bank CEO Christian Sewing said Wednesday at a banking conference in Frankfurt. Small and medium-sized businesses have told Deutsche Bank they won't invest more just because credit is 10 basis points cheaper, Sewing said. It is also thought to be weighing a so-called tiering system that would lessen the impact of negative interest rates on the banking sector. The prospect of more deeply negative rates is particularly painful for Deutsche Bank, which recently announced a massive turnaround effort that includes 18,000 job cuts.

From Deutsche Bank via CNNFRANKFURT, Germany - Germany's biggest bank posted a loss of nearly $3.5 billion in the second quarter, slammed by the cost of a radical overhaul aimed at returning the company to profit. Deutsche Bank said Wednesday that it took a charge of 3.4 billion ($3.8 billion) for the three months ending in June, leading to a net loss of 3.1 billion ($3.46 billion). The performance was even worse than the bank had telegraphed: It said on July 7 that costs related to the overhaul would push it to a net loss of 2.8 billion ($3.1 billion) for the second quarter. Without the restructuring cost, Deutsche Bank said it would have reported a net profit of 231 million ($257.4 million), down 42% on the same period last year. Deutsche Bank is cutting 18,000 jobs and dramatically shrinking its investment bank as part of the overhaul.

Thomas Lohnes/Getty Images(CNN) - Deutsche Bank will cut 18,000 jobs and dramatically shrink its investment bank as part of a costly overhaul that marks a retreat from Wall Street after two decades of intense competition with American rivals. The German bank said Sunday that it would shutter its equities sales and trading business, while creating a "bad bank" for 74 billion ($83 billion) in assets that eat up too much capital. "Today we have announced the most fundamental transformation of Deutsche Bank in decades," CEO Christian Sewing said in a statement, calling the moves a "restart." It's a dramatic shift for the 149-year-old bank, a pillar of European finance that has struggled to produce consistent profits despite undergoing a series of overhauls. Deutsche Bank said the job reductions would be made by 2022, bringing its headcount down to roughly 74,000 employees.