Print Magazine
Brussels Morning Newspaper
Thursday, May 19, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home Economy

Deutsche Bank’s future uncertain despite Merkel’s support

Ivan Fischer by Ivan Fischer
11 February 2021
in Economy
Deutsche Bank’s future uncertain despite Merkel’s support
Share on FacebookShare on Twitter

Brussels (Brussels Morning) Even though Deutsche Bank posted a profit last year, the first since 2014, and looks forward to an address by Germany’s Chancellor Angela Merkel at its annual New York reception, the bank’s future remains clouded, Reuters reports. 

The German lender has been contending with a difficult period over the past several years, combating a series of losses and scandals. The bank brought in new CEO Christian Sewing in 2018 to launch a major overhaul of its operations in an effort to return to profitability. 

Cutting costs

Even though the bank managed to turn a profit last year, analysts predict it is on course to make 1.6 billion euro less in revenues in 2022 than in 2020, a 6% drop. All of the bank’s divisions are expected to keep their current revenues or generate even less than now.

Since taking the helm, Sewing was forced to focus on costs, as low interest rates and fierce competition have been eating into the profits of all European banks. Sewing has so far closed several businesses, and plans to cut 18.000 jobs.

Despite the preference of German politicians to avoid the country’s banking sector and to show instead their public support for car manufacturers and other German industries, Merkel has accepted the invitation to join the virtual reception honouring the bank’s 150th anniversary.

Bolstered compliance

It is a rare show of support by the German Chancellor for the bank which has been piling up fines from US regulators for its part in money laundering and graft scandals, and whose questionable ties to former US President Donald Trump have also helped to tarnish its public image.

Sewing has since cut ties to Trump and bolstered the bank’s compliance operations, as the new management condemns the lender’s “past transgressions”. Analysts remain sceptical, however, whether the about turn will be enough to keep the bank profitable in the long run.

Tags: Deutsche Bank

Latest post

Capaci,,Italy,-3,July,2016,-,The,Memorial,Monument,On

Mafia: from attacks to business

10 hours ago
Athens

What Are 10 Best Budget Hotels In Athens?

10 hours ago

Most Read

  • shutterstock_1821616664

    MEPs send Open Letter urging the Home Secretary Priti Patel to reject Assange’s extradition

    0 shares
    Share 0 Tweet 0
  • These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • Why corruption matters

    0 shares
    Share 0 Tweet 0
  • Sweden: Taking Syrian children away from parents for protection?

    0 shares
    Share 0 Tweet 0
  • Brussels residents want to set up school for Ukrainian children

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT