Deutsche Bank’s profit streak ends with big lawsuit provision
Deutsche Bank (DBKGn.DE), opens new tab posted its first loss in four years in the second quarter after setting aside 1.3 billion euros ($1.41 billion) as a provision for an investor lawsuit, scuppering plans for a stock buyback and triggering a 7% drop in shares.
The loss at Germany’s largest lender broke a profit streak of 15 consecutive quarters, in a setback for the bank’s turnaround under CEO Christian Sewing.
Source: REUTER