Deutsche Bank Forecasts a Loss of Nearly $7 Billion, Taking an Array of Charges
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John Cryan, co-chief executive of Deutsche BankCreditSebastian Derungs/Agence France-Presse — Getty Images
Deutsche Bank, the giant German bank that has a big presence on Wall Street and is facing much regulatory scrutiny in the United States, on Wednesday warned that it expects to post a hefty loss in the third quarter.
The bank, Germany’s largest, forecast a net loss of 6.2 billion euros, or nearly $7 billion, for the quarter. It comes just months into the tenure of Deutsche Bank’s new co-chief executive, John Cryan, who is trying to overhaul the institution. Along with the scandal and upheaval at Volkswagen, Deutsche’s struggles point to some of the weaknesses of Germany’s corporate culture.
“The news is not good, and I expect a number of you will be very disappointed by it,” Mr. Cryan said in a memo to employees. “We expect to report a sizable loss for the third quarter.”…
Deutsche Bank Forecasts a Loss of Nearly $7 Billion, Taking an Array of Charges
