Deutsche Bank reports 832 million euro Q3 loss on restructuring

Credit: REUTERS/Tyrone Siu

Deutsche Bank on Wednesday posted an 832 million euro ($924.35 million) loss in the third quarter due to costs for a major restructuring.

Marks second consecutive quarterly loss

Follows loss of 3.15 billion euros in Q2

Analysts had held back on providing estimates

Revenue at bond trading division down 13%

Updates with details, background

FRANKFURT, Oct 30 (Reuters) - Deutsche Bank DBKGn.DE on Wednesday posted an 832 million euro ($924.35 million) loss in the third quarter due to costs for a major restructuring.

It marks the second consecutive quarterly loss as the bank faces costs to reshape its business, and compares with a 3.15 billion euro loss in the second quarter and a 229 million euro net profit a year ago.

Analysts, unsure of the size of restructuring costs the bank was planning to post in the quarter, largely held back on providing estimates in advance of the earnings.

Deutsche had flagged that it would lose money this year when it announced in July a restructuring that will see 18,000 jobs go and cost 7.4 billion euros.

Revenue at Deutsche's cash-cow bond-trading division dropped 13% in the third quarter, underscoring continued weakness at the German lender's investment bank.

($1 = 0.9001 euros)

(Reporting by Tom Sims, Patricia Uhlig and Hans Seidenstuecker; Editing by Michelle Martin)

((Tom.Sims@thomsonreuters.com; +49 69 7565 1242; Reuters Messaging: tom.sims.thomsonreuters.com@thomsonreuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More