(Bloomberg) -- Deutsche Bank AG plans to accelerate payouts to shareholders after higher income from its corporate bank and deposit inflows offset weaker...
-- Deutsche Bank AG plans to accelerate payouts to shareholders after higher income from its corporate bank and deposit inflows offset weaker trading results in the third quarter.Revenue in the three months through September rose about 3% from a year earlier to €7.13 billion, in line with analysts’ estimates. Deutsche Bank said that puts it on track to reach about €29 billion this year, the top end of its forecast range.
Chief Financial Officer James von Moltke said in a Bloomberg TV interview that it’s too early to say how much additional capital will be paid out to investors and what part will be reinvested in the company. He later indicated on a call with journalists that buybacks next year may turn out to be bigger than the bank previously guided for.Sewing in June signaled he plans to repurchase around €450 million worth of stock this year, and increase the amount by 50% every year.
Claudio de Sanctis, who oversees the private bank, is working on a revamp of the vast German retail operations with the goal of lowering expenses, Bloomberg has reported. But a flood of complaints from clients after a migration of two IT systems recently forced the unit allocate more staff to the business. Von Moltke said fixing those issues added a little over 30 million euros in provisions in the third quarter and a similar amount may be necessary in the current quarter.
Deutsche Bank earlier this month closed the acquisition of UK corporate broker Numis in a bid to grow the underwriting and deals advisory business. Chief Financial Officer James von Moltke said in prepared remarks that writedowns on the goodwill of Numis will probably impact results in the fourth quarter.
A biotech firm founded by Vivek Ramaswamy turned $15 million into $5 billion by flipping a bowel-disease treatment that Pfizer gave it for free An "extremely bearish" technical pattern, known as a double top, has taken shape on the Magnificent 7 stocks' combined price chart, fueling fears of a selloff.
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