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☆ European stocks close lower as traders focus on earnings and bond yields
▼ + stars: | 2024-10-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets closed lower Wednesday as investors in the region focused on corporate reports and U.S. Treasury yields. The pan-European Stoxx 600 index provisionally closed around 0.3% lower, with most sectors and major bourses in the red. There were earnings aplenty on Wednesday, with Deutsche Bank beating expectations in its return to profit in the three months to September. Shares of the German lender continued their decline after a German court ruled against the company in a long-standing legal dispute with shareholders who alleged the lender underpaid in its acquisition of German retail bank Postbank. Volvo Cars traded 5.9% lower, AkzoNobel was down 3.5% and L'Oreal fell 2.5% after the firms reported earnings earlier.

Persons: Heineken, AkzoNobel Organizations: Treasury, Deutsche Bank, Volvo, L'Oreal

☆ Deutsche Bank snaps 15-quarter profit streak on Postbank lawsuit provision
▼ + stars: | 2024-07-24 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt. Deutsche Bank on Wednesday snapped a 15-quarter profit streak with a narrower-than-expected loss, as it made a provision for an ongoing lawsuit over its Postbank division. The long-running lawsuit by investors alleges Deutsche Bank underpaid to take over the retail banking giant in 2010. Other highlights included:Profit before tax excluding the Postbank provision was 1.7 billion euros, up from 1.4 billion euros in the second quarter of 2023. Provision for credit losses was 476 million euros, up from 401 million euros a year ago.

Persons: Deutsche Bank CEO Christian Sewing, James von Moltke, CNBC's Caroline Roth, that's, Von Moltke, we'd, Italy's Organizations: Deutsche Bank, United Kingdom . Deutsche Bank AG, Deutsche Bank CEO Christian, Spain's Santander Locations: City of London, London, United Kingdom, German, Frankfurt

☆ Deutsche Bank to review Postbank tech migration - Handelsblatt
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: 1 min

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsBERLIN, Dec 4 (Reuters) - Deutsche Bank's supervisory board has tasked its auditor EY with reviewing the Postbank IT integration, which has caused numerous customer complaints due to disruptions, Handelsblatt reported on Monday. The result could result in cuts to bonuses, the newspaper said, citing people familiar with the matter. A Deutsche Bank spokesperson declined to comment on the story. Reporting by Kirsti Knolle; Editing by Linda Pasquini and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Handelsblatt, Kirsti Knolle, Linda Pasquini, Jan Harvey Organizations: Deutsche Bank, REUTERS, Rights, Deutsche, Thomson Locations: Brussels, Belgium

[1/2] The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsFRANKFURT, Oct 31 (Reuters) - Deutsche Bank (DBKGn.DE) employee representatives on Tuesday harshly criticized the bank's plans to slash its Postbank branch network, saying the move sends the wrong signal and comes at the wrong time. The reputation of the Postbank brand is severely damaged... and now the bank is starting a new construction project." Reuters Graphics Reuters GraphicsClaudio de Sanctis, the new Deutsche Bank board member overseeing the lender's retail operations, in a staff memo on Monday laid out his vision for Postbank becoming a "mobile-first" bank. Deutsche Bank said that talks with employee representatives would take place soon to determine final details on the cuts.

Persons: Yves Herman, Jan Duscheck, Susanne Bleidt, Claudio de Sanctis, Tom Sims, Rachel More, Emelia Organizations: Deutsche Bank, REUTERS, Rights, Deutsche, Verdi, Reuters, Reuters Graphics Reuters, Thomson Locations: Brussels, Belgium

☆ Deutsche Bank plans to close nearly half its Postbank branches
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsBERLIN, Oct 30 (Reuters) - Deutsche Bank (DBKGn.DE) plans to close nearly half its Postbank branches by mid-2026 in response to changing demand from customers, a spokesperson for the German bank said on Monday. The bank plans to reduce the number of Postbank branches to around 300 from its current 550, the spokesperson said. Deutsche Bank's new head of private banking, Claudio de Sanctis, had first told the Financial Times about the closures in an interview earlier Monday. He told the FT that the bank's Deutsche-branded branches will also be scaled back, without giving more details.

Persons: Tyrone Siu, Claudio de Sanctis, Friederike Heine, Miranda Murray, Matthias Williams, Tomasz Janowski Organizations: Deutsche, REUTERS, Rights, Deutsche Bank, Financial Times, Thomson Locations: Hong Kong, China

☆ Deutsche Bank to nearly halve Postbank branches by 2026: spokesperson
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: 1 min

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsOct 30 (Reuters) - Deutsche Bank (DBKGn.DE) plans to cut the number of its Postbank branches from around 550 to 300 by mid-2026 as it adapts to changing demand, a spokesperson said in a written statement on Monday. The exact details of its plans will be finalised during negotiations with worker representatives shortly. Deutsche began the acquisition of Postbank, with its millions of clients and roots in the country's postal system, in 2008 during the global financial crisis but struggled for years to integrate it. Reporting by Friederike Heine; writing by Matthias Williams; editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman, Friederike Heine, Matthias Williams, Rachel More Organizations: Deutsche Bank, REUTERS, Deutsche, Thomson Locations: Brussels, Belgium

[1/2] People are silhouetted next to the Deutsche Bank's logo prior to the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach Acquire Licensing RightsSummaryCompanies Shares up 7%Investment bank revenue declinesRevenue at retail and corporate divisions riseSlightly more optimistic on 2023 revenueForecasts buybacks in 2024, flags greater capital returnFRANKFURT, Oct 25 (Reuters) - Deutsche Bank (DBKGn.DE) on Wednesday promised more share buybacks next year and said it may return more capital to shareholders than it had previously envisaged, causing its shares to surge. Revenue from investment banking slumped but grew in the lender's retail and corporate divisions on higher interest rates. Deutsche Bank shares were up 7% in morning Frankfurt trade as analysts cited positive news on potential buybacks and dividends. Though earnings dropped, Deutsche recorded its 13th consecutive profitable quarter, a notable streak after years of hefty losses.

Persons: Kai Pfaffenbach, Deutsche, James von Moltke, Mediobanca, Sewing, JPMorgan's, Tom Sims, Frank Siebelt, Jamie Freed, Jason Neely Organizations: Deutsche, REUTERS, Deutsche Bank, Reuters Graphics Reuters, Reuters Graphics Reuters Graphics Investment, Revenue, Goldman, Barclays, RBC, Thomson Locations: Frankfurt, Germany, FRANKFURT

The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsCompanies Deutsche Bank AG FollowFRANKFURT, Oct 23 (Reuters) - Customers of two Deutsche Bank (DBKGn.DE) units have lodged a surge in complaints with Germany's consumer protection agency, the advocacy group said on Monday, as the banking giant scrambles to make good with aggravated clients. The VZBZ consumer group said it had registered about 1,700 complaints by customers of Deutsche's Postbank arm and its mortgage division in the year through September. The consumer group had already reported complaints of Postbank customers not having access to their funds for weeks and direct debits getting rejected, jeopardising their credit scores. BaFin got nearly 10,000 complaints about Postbank by early September, a person with direct knowledge of the matter said.

Persons: Yves Herman, VZBZ, Ramona Pop, BaFin, Sewing, Tom Sims, Rod Nickel Organizations: Deutsche Bank, REUTERS, Companies Deutsche Bank, FRANKFURT, Deutsche, Thomson Locations: Brussels, Belgium, Germany's, Postbank

☆ German regulator to send special monitor to Deutsche Bank, Handelsblatt reports
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

The logo of Germany's Federal Financial Supervisory Authority BaFin (Bundesanstalt fuer Finanzdienstleistungsaufsicht) is pictured outside of an office building of the BaFin in Bonn, Germany, April 15, 2019. REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBERLIN, Oct 1 (Reuters) - German financial regulator BaFin will send a special monitor to Deutsche Bank (DBKGn.DE) following problems at its Postbank unit, German daily Handelsblatt reported on Sunday citing sources close to the matter. Both BaFin and Deutsche Bank declined to comment. The issues at Postbank included disruptions in online offerings, difficulty in reaching customer service and long processing times, BaFin has said. BaFin said two weeks ago it would "take relevant supervisory measures if appropriate".

Persons: Wolfgang Rattay, BaFin, Maria Martinez, Hugh Lawson Organizations: Federal Financial, Authority, REUTERS, Rights, Deutsche Bank, Thomson Locations: Bonn, Germany

☆ Deutsche Bank completes final phase of Postbank tech integration
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, July 3 (Reuters) - Deutsche Bank (DBKGn.DE) on Monday said that it had completed a fourth and final phase of a years-long technology integration process with Postbank. Germany's largest bank said it would result in cost savings in 2023 and 2024, with annual savings of 300 million euros ($326.52 million) from 2025. Germany's largest bank began acquiring Postbank, with its millions of clients and roots in the country's postal system, in 2008 during the global financial crisis, but it has struggled to complete its integration. Some customers did not have access to all services over the weekend as the bank completed the merger of its IT platforms with Postbank customers. Deutsche will now begin to decommission Postbank hardware and software, contributing to the cost savings.

Persons: Tom Sims, Miranda Murray Organizations: Deutsche Bank, Deutsche, Thomson Locations: FRANKFURT, Germany's

☆ Deutsche Bank set to finalise Postbank IT integration project this weekend
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, June 30 (Reuters) - Some Deutsche Bank (DBKGn.DE) customers will not have access to all services this weekend as the bank completes the merger of its IT platforms with Postbank customers, a project that will save hundreds of millions of euros in the years to come. In the fourth and final wave of the integration process this weekend, Deutsche Bank will transfer 4 million contracts of 2 million Postbank customers to a common IT system, a Deutsche Bank spokesperson said. It will mean that customers will not have all access to all services over the weekend, which the bank has communicated on Twitter and elsewhere. Deutsche Bank is currently in the process of cutting costs and reducing headcount, and the Postbank technology integration, dubbed internally as project "Unity", will eventually bring savings of 300 million euros ($325.29 million) a year by 2025, the bank has said. After completion, Deutsche will have 19 million customers' contracts from Postbank on a single platform, a milestone for CEO Sewing as he continues to turn around the bank after years of losses and scandals.

Persons: Deutsche, Tom Sims, Miranda Murray, Jane Merriman Organizations: Deutsche Bank, Twitter, Sewing, Deutsche, Postbank, Thomson Locations: FRANKFURT

FRANKFURT, June 22 (Reuters) - Deutsche Bank (DBKGn.DE) is drawing up plans to cut 10% of its 17,000 German retail jobs over the next few years as part of cost savings, a person with knowledge of the matter said on Thursday. The plans at Germany's largest bank come as Claudio de Sanctis prepares to take over the retail unit, known as the private bank division, on July 1. Deutsche Bank, which declined to comment on any cuts to retail jobs, has publicly said that it is identifying further cost savings and would be trimming jobs in certain areas to keep profits growing. The bank has been expected to continue to cut branches to curb expenses, Reuters has previously reported. S&P last month upgraded its outlook for the bank and said that the retail division has "considerable scope" to cut costs.

Persons: Claudio de Sanctis, Tom Sims, Matthias Williams, Madeline Chambers, Susan Fenton Organizations: Deutsche Bank, Deutsche, Reuters, Thomson Locations: FRANKFURT, Germany's, Germany

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