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HomeBusiness NewsDeutsche Bank posts second quarter loss of $3.51 billion on restructuring costs

Deutsche Bank posts second quarter loss of $3.51 billion on restructuring costs

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) on Wednesday said the German company posted a larger-than-expected loss of 3.15 billion euros ($3.51 billion) in the second quarter due to major restructuring costs.

Earlier this month, Deutsche Bank had flagged it would lose around 2.8 billion euros in the quarter when it announced that the lender’s restructuring plan will see 18,000 jobs go and cost 7.4 billion euros.

The second-quarter loss compared with a profit of 401 million euros a year earlier.

The bank had already taken significant steps to implement its strategy, Chief Executive Officer Christian Sewing said.

“A substantial part of our restructuring costs is already digested in the second quarter,” he added.

Revenue at Deutsche’s cash-cow bond-trading division dropped 4% in the quarter, while equities sales and trading revenue dived 32%, underscoring continued weakness at the German lender’s investment bank.

Reporting by Tom Sims and Arno Schuetze, Editing by Riham Alkousaa and Sherry Jacob-Phillips