Germany’s biggest lender Deutsche Bank said Wednesday a major restructuring under its new chief executive was in full swing, as it confirmed second-quarter profits that beat analysts’ previous expectations.
Net profits reached 401 million ($468 million) on the back of 6.6 billion in revenue, in line with preliminary figures the lender released earlier this month.
Analysts surveyed by data company Factset had earlier forecast profits of around 120 million. But the result was still 14 percent lower than last year’s second-quarter earnings of 466 million.
Christian Sewing took over from crisis firefighter John Cryan in April with promises of a far-reaching shakeup
“We accelerated the reshaping of our bank significantly and prove…
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