Looking at Deustche Bank's Q2 results. €3.1bn loss due to "restructuring charges", which seem to be mainly write-down of deferred tax assets and impairment of goodwill. Further acknowledgement that DB is going to be a much smaller and poorer bank in future.
Even now, despite a large fall in income since last year, DB's investment bank is its biggest source of income. Hard to see that other divisions will step up to replace the income that will disappear as a result of the IB cuts.
Also, the bulk of the restructuring costs are still to come.
Though the bank already has €1bn of provisions against restructuring costs. It says it expects to use all of these. I'd be surprised if this is enough.
Speechless. #DeutscheBank
Does anyone seriously believe these targets are achievable?
Oh, and about that DTA writedown. Seems to be €2bn in total, mainly hitting the UK and the US. Happy days, whoever the new UK Chancellor is.
Sop to fed-up shareholders, who won't have divis for the next two years: "The planned balance sheet reductions and future income are expected to generate € 5 billion of excess capital, which we plan to return through dividends and share buyback starting in 2022." #DeutscheBank
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