Deutsche to give strategy update with second-quarter report
* Deutsche Bank to release detailed Q2 earnings
* Co-CEO's to provide strategy update
* Broader strategy details to follow in Sept.
FRANKFURT, July 31 (Reuters) - Deutsche Bank co-chief executives Juergen Fitschen and Anshu Jain are expected to provide an update on strategy on Tuesday when they present second-quarter earnings for the first time after taking the helm at Germany's flagship lender.
The pair took charge of the Frankfurt-based bank on June 1, and were scheduled to provide a broader strategy update in September, but weaker-than-expected preliminary numbers has put pressure on Deutsche to unveil cost cutting plans before then.
The bank has drawn fire for being slow to slash jobs as rivals like Goldman Sachs and UBS reduced staff in response to a slowdown in capital markets activity as the euro zone crisis spooks investors.
Earlier this month Reuters reported that Deutsche aims to cut almost a tenth of its investment banking staff.
Job cuts mark an about-turn for the German bank which in April said it saw no need for layoffs at its investment bank.
Earnings are also expected to reveal whether Deutsche Bank has made provisions to settle a probe into alleged rigging of global interest rates.
More than a dozen banks are under investigation by authorities in Europe, Japan and the United States over the suspected rigging of the London interbank offered rate, which is used to price trillions of dollar worth of financial products.
Barclays last month agreed to pay a fine for manipulating Libor. More banks, including Deutsche, are being investigated and could face fines and legal battles that may run for years.
- U.S. war veteran released by North Korea returns home |
- South Korea to make announcement on air zone; expansion is anticipated |
- Pro-Europe protesters gather for rally in Kiev
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- Obama defends interim Iran deal, seeks to assure Israel