Deutsche Bank Rises Af­ter Sur­prise Profit

The Economic Times - - Around The World -

Frank­furt: Deutsche Bank was the best per­former among Euro­pean lenders af­ter re­port­ing a sur­prise profit in the first quar­ter as le­gal ex­penses dropped and trad­ing busi­nesses per­formed bet­ter than an­a­lysts fore­cast. Co-Chief Ex­ec­u­tive Of­fi­cer John Cryan, 55, is mak­ing progress in restor­ing in­vestor con­fi­dence in the low­est-val­ued ma­jor global lender af­ter pledg­ing to elim­i­nate 9,000 jobs, off­load riskier as­sets and scrap div­i­dends as part of a wider over­haul to re­vive profit growth. Still, Deutsche Bank may post an­other loss this year, the co-CEO said on Thurs­day, hurt by re­struc­tur­ing costs and charges tied to past mis­con­duct. The shares rose as much as 5% and were up 2.1% mak­ing them the best per­former on the Bloomberg Europe 500 Banks And Fi­nan­cial Ser­vices In­dex. Bloomberg

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