German Deutsche Bank suffered losses for a second quarter in the row as the lender is trying to update its business model.
The bank reported a €832m ($924m) loss in the third quarter caused by restructuring costs and weakness in fixed-income trading.
Deutsche Bank also suffered a €3.12bn ($3.48bn) loss in the second quarter this year, according to Reuters.
Deutsche Bank CEO Christian Sewing tried to brush of the quarterly results as an “encouraging” interim assessment, with the bank trying to break even in 2020.
However, analysts seemed far from equally optimistic about the results.
“One has to look very hard to find anything positive in Deutsche Bank’s results this quarter,” Octavio Marenzi, CEO of Opimas, the capital markets management consultancy, told Reuters.
After the results were announced, Deutsche Bank’s shares dropped by almost 9%.
Deutsche Bank is undergoing massive restructuring. These plans are reportedly with $7.4bn and includes the elimination of 18,000 jobs.
The bank’s revenue fell by 15% to €5.3bn ($5.9bn), which was attributed to its decision to exit its equities, microeconomic uncertainty and negative interest rates.
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