Deutsche Bank’s revenues in the second quarter this year plummeted 20%, as chief executive officer John Cryan warns its restructuring process could be intensified.
Overall sales were 20% lower in the second quarter this year, totalling just under €7.4 billion compared to €9.2 billion in 2015.
Net profit dropped by 98% to €20 million.
Deutsche Bank’s global markets, corporate finance and asset management business units were all hit by revenue declines in the second quarter this year.
The bank said the results reflect a “challenging environment and strategic decisions”, including the EU referendum and low interest rates.
The quarterly report said pre-tax profit was down a substantial 67%, “after goodwill impairment charges of €285 million, restructuring and severance charges of €207 million, and litigation charges of €120 million.”
Cryan, said the results reflect the restructuring process, although explained, “if the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring.”
He added the bank is “satisfied with the progress” it is making.
Deutsche Bank revenues down 20%, CEO warns of further cuts
John Cryan, CEO at Deutsche Bank, has warned cuts could intensify if results don’t improve.