A Deutsche Bank AG branch in the financial district of Frankfurt, Germany, on Friday, May 6, 2022.
Alex Kraus | Bloomberg | Getty ImagesDeutsche Bank on Wednesday reported a net profit of 763 million euros ($842 million) for the second quarter of 2023, narrowly beating expectations despite a 27% year-on-year decline.
related investing news Citi downgrades Goldman Sachs, says targets will take time to be reached We're selling some shares of this health-care company and changing our rating However, second-quarter non-interest expenses rose 15% year-on-year to 5.6 billion euros, with adjusted costs up 4% to 4.9 billion euros.
Nonoperating costs includes 395 million euros in litigation charges and 260 million euros in "restructuring and severance related to execution of strategy."
In its first-quarter report, the bank flagged job cuts for its non-client facing staff and reported a sharper-than-expected year-on-year fall in investment bank revenues.
Persons:
Alex Kraus, Citi downgrades Goldman Sachs, James von Moltke, CNBC's Silvia Amaro, von Moltke, we've
Organizations:
Deutsche Bank AG, Bloomberg, Getty Images Deutsche Bank, Citi, Deutsche Bank, CNBC
Locations:
Frankfurt, Germany