Deutsche Bank ekes out profit, refocuses investment bank
FRANKFURT, Germany (AP) — Deutsche Bank saw profits fall to 120 million euros ($146 million) in the first quarter and announced Thursday it was reshaping its global investment banking business to focus more on its European base.
The first-quarter result fell short of analyst expectations for 374 million euros profit and was sharply down from 575 million euros in the same quarter a year ago.
That was nonetheless an improvement from a 2.4 billion loss in the last quarter of 2017, when the company had a large one-time loss related to tax changes in the U.S. First-quarter revenues fell 5 percent to 6.98 billion euros ($8.5 million). The bank said much of the decline resulted from the euro's rise against the dollar.