Deutsche Bank quits Wall Street ambition to emphasize on Europe

Deutsche Bank

A Deutsche Bank veteran who started as an apprentice, Sewing is accelerating a push to refocus the lender on its European home market and reverse a two-decade effort to compete head-to-head with the large Wall Street firms that dominate volatile securities trading.

As part of the changes, Deutsche Bank put Garth Ritchie, previously co-head of the investment bank, in charge of that entire division, and named a new chief operating officer from the retail-banking division.

A number of other equities analysts have also issued reports on the stock. ValuEngine lowered Deutsche Bank from a "buy" rating to a "hold" rating in a research note on Wednesday, February 7th. The rating was downgraded by Keefe Bruyette & Woods on Monday, November 20 to "Sell".

NYSE DB opened at $14.78 on Monday. DB's total short interest was 40.30 million shares in April as published by FINRA. The company has a debt-to-equity ratio of 2.44, a current ratio of 0.84 and a quick ratio of 0.84.

For the past months, Deutsche Bank had been reviewing the securities unit again to weed out unprofitable parts where it can no longer compete with its bigger USA rivals.

The valuation of the cryptocurrency market is now hovering around $400 billion, which is less than the combined market caps of HSBC and JPMorgan.

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Several hedge funds have recently modified their holdings of the company. It also increased its holding in Conocophillips (NYSE:COP) by 200,000 shares in the quarter, for a total of 262,335 shares, and has risen its stake in Nxp Semiconductors N V (NASDAQ:NXPI).

The bank's earnings report showed the German firm achieved net income of €120 million in Q1, a 79% decline from the same period a year earlier.

Under Mr. Cryan, Deutsche Bank settled big legal cases that had hung over the lender, raised $8.5 billion in capital and set about cutting billions in expenses. In the 2nd quarter, profits amounted to $200,000,000 United States dollars. Finally, Mackenzie Financial Corp bought a new stake in Deutsche Bank in the 3rd quarter valued at $199,000. Ontario Teachers Pension Plan Board now owns 129,733 shares of the bank's stock worth $2,473,000 after acquiring an additional 42,254 shares during the last quarter.

While shrinking the investment bank will make it harder for Sewing to return Deutsche Bank to growth, it could help him reach a target of 23 billion euros ($28 billion) in adjusted costs this year. The company's Global Markets segment offers financial markets' products, such as bonds, equities and equity-linked products, exchange-traded and over-the-counter derivatives, foreign exchange, money market instruments, and structured products.

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