Bank says it will pull back in certain trading and lending activities
Deutsche Bank AG said Thursday that net income in the first quarter declined 79% to €120 million ($145.9 million), the latest sign of a struggle at the German lender, which this month replaced its CEO and reshuffled several other top executives.
The bank also said it will adjust its strategy, pulling back in certain trading and lending activities that don’t make enough money, especially in the U.S.
Investors have been calling for such moves amid signs that Deutsche Bank’s strategy was failing. The actions reflect pressures on the lender to scale back its global ambitions and cut costs after years of losing market share to stronger banking rivals.
The bank’s companywide revenues declined 5% to €7 billion in the quarter. Revenues in the investment bank declined 13% to €3.8 billion. All of the bank’s major divisions saw revenue declines.