Pubblicato in: Finanza e Sistema Bancario, Unione Europea

Deutsche Bank AG. Un nuovo buco da 2.2 mld. -6.29%.

Giuseppe Sandro Mela.

2018-02-02.

2018-02-02__DB__001

Il 5 gennaio le azioni Deutsche Bank erano quotate 16.338 ed oggi, al momento di scrivere l’articolo, sono quotate 13.89: un calo del -6.29%.

Come d’abitudine, il Financial Times non ha coperto con copyright il relativo articolo: da un po’ di tempo infatti riporta in chiaro le notizie infauste per la Germania.

«Deutsche Bank AG on Friday reported a €2.2 billion ($2.7 billion) net loss for the fourth quarter and its third consecutive full-year loss»

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«We are not cutting costs fast enough, …. Deutsche Bank’s cost culture has to improve»

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«After two-and-a-half years of cost cutting, the jury is still out if the current management can really execute its plans»

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Sarebbe opportuno prendere atto di alcune realtà: per taluni eventi lieti, per altri tetri.

– Deutsche Bank AG è stata acquisita da capitale straniero. Sarebbe davvero ingenuo pensare che la nuova proprietà faccia gli interessi della Germania.

– A nessuno fa comodo che la Germania abbia banche di interesse mondiale: infatti Deutsche Bank AG non è più annoverata in tal novero.

– Deutsche Bank AG ha una capitalizzazione di 28.27 mld e Commerzbank di 16.393: si pensi che una banchetta come Banca Intesa San Paolo ha una capitalizzazione di 52.22 miliardi. Ubs capitalizza 74.641 miliardi, Morgan Stanley 100.521 mld. Conclusione: le banche tedesche sono pur sempre banche di tutto rispetto, ma non sono più di interesse internazionale.

– Senza almeno una banca di interesse internazionale è semplicemente impossibile poter fare politica estera: verrebbe meno il supporto finanziario.

– La dirigenza è restata in gran parte tedesca, ma non è detto che ciò duri nel tempo.

– Il Management Board è allo stato del’arte liberal. Ha due femmine in quote rosa: Mrs Kim Hammonds e Mrs Sylvie Matherat. Diciamo che si son visti manager più efficienti.

– Avere la tessera di iscrizione alla Spd non è sinonimo di saper dirigere una banca.

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Molti clienti di Deutsche Bank AG da un certo quale tempo non dormono più sonni particolarmente tranquilli.


The Wall Street Journal. 2018-02-02. Deutsche Bank Posts Big Loss on Weak Trading, U.S. Tax Charge

German lender suffers double-digit revenue declines in all three of its business units.

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FRANKFURT—Deutsche Bank AG on Friday reported a €2.2 billion ($2.7 billion) net loss for the fourth quarter and its third consecutive full-year loss, sending its shares sharply lower.

The German lender was hit by a €1.4 billion charge tied to the U.S. tax overhaul and suffered double-digit revenue declines in all three of its business units last quarter.

Financial Times. 2018-02-02. Deutsche Bank to miss cost-cutting target for 2018

Germany’s biggest lender reports third consecutive annual loss and poor fourth quarter

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Deutsche Bank on Friday reported a third consecutive annual loss, a worse fourth quarter than expected and said it would miss its cost-cutting target for 2018, sending the lender’s shares down sharply in early trading. James von Moltke, chief financial officer, told analysts that the bank would step up efforts to increase profitability. “We are not cutting costs fast enough,” he said. “Deutsche Bank’s cost culture has to improve.” Shares in Germany’s biggest lender dropped by as much as 6 per cent in early trading after the group said it was trying to lower its total adjusted costs in 2018 to €23bn, compared with the previous target of €22bn. “After two-and-a-half years of cost cutting, the jury is still out if the current management can really execute its plans,” commented a London-based analyst. Mr von Moltke said business disposals that were supposed to reduce costs by €900m have been delayed or suspended. In 2017, total adjusted costs stood at €23.8bn, missing analyst expectations by €400m. One factor that drove up costs in the last three months of 2017 was the decision to pay out higher bonuses than in the previous year. The bank did not yet disclose the size of its bonus pool in detail but said variable pay would account for less than 20 per cent of total payroll costs of €12.2bn. The increase in bonuses inflated costs in the investment bank by 7 per cent in the last quarter of 2017. John Cryan, chief executive, said the higher bonuses were a “one-off investment” necessary “to secure our franchise and to strengthen our position in key sectors”. He added: “In the coming years, these kind of bonus payments will only be justified if the bank performs correspondingly.” Mr Cryan did not specify which performance level was needed to pay out bonuses in 2018. Ingo Speich, asset manager at Union investment, a fund manager in Frankfurt, said that “if Deutsche Bank is paying bonuses to its employees, shareholders must not be left out in the cold with regard to the dividend”. On average, analysts are expecting a payout of 11 cents for 2017. The bank’s management on Friday gave no specific guidance on the 2017 dividend.

Fourth-quarter performance at the investment banking division, which accounts for more than half of overall revenues, was at the low end of analyst expectations. At €2.7bn, revenues were 16 per cent lower than a year ago and 13 per cent below forecasts. The unit reported a fourth-quarter loss before income tax of €733m, more than two-thirds higher than a year ago. Revenues in fixed income and currencies trading fell 29 per cent year on year, and combined FIC and FIC-related financing were a fifth lower. The five largest US investment banks reported an average drop in trading revenues of 19 per cent, according to data by Autonomous Research. “Markets were half moribund at the end of last year,” Mr Cryan told analysts on Friday. In a statement, the lender pointed to “low volatility, low institutional client activity and difficult trading conditions in certain areas”. Moody’s analyst Peter Nerby noted that while low capital markets activity caused the drop in revenue, “it may also be contributing to some rethinking of strategy by management — as they attempt to gauge which downturns in activity are structural as opposed to merely cyclical”. Overall, the bank reported a pre-tax loss of €1.3bn for the final quarter of 2017. The loss was about half that reported a year ago but more than €100m deeper than the most pessimistic analyst forecast in a company-compiled poll. On average, the 16 analysts surveyed by the company had expected a pre-tax loss of €478m for the fourth quarter. Citigroup analysts pointed out that not all analysts updated their forecasts after Deutsche’s profit warning on January 5, but another London-based analyst argued that the lender “missed consensus expectations for the fifth month in a row. There is a pattern here.” Deutsche’s core tier one capital ratio stood at 14 per cent at the year end, compared with 13.8 per cent three months earlier. “We have made progress but we are not yet satisfied with our results,” said Mr Cryan in a statement. For the full year, Deutsche reported a net loss of €500m, the third annual loss in a row. It was triggered by a €1.4bn non-cash charge caused by US tax reforms that dented the value of deferred tax assets in the US.

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