May 24, 2018 / 9:04 AM / 5 months ago

Deutsche Bank says revenue environment in second quarter remains challenging

FRANKFURT (Reuters) - Deutsche Bank’s (DBKGn.DE) new chief executive, Christian Sewing, said generating revenue continues to be a challenge in the current quarter, especially for the investment bank.

Christian Sewing, new CEO of Germany's Deutsche Bank, gestures as he addresses the audience during the bank's annual meeting in Frankfurt, Germany, May 24, 2018. REUTERS/Kai Pfaffenbach

But ongoing moves to cut 25 percent of the jobs in its equities business weren’t hurting revenue so far, he added at the group’s annual shareholder meeting.

“This reduction is already fully underway, and so far, due to the considered way we’ve handled this, we have not seen any meaningful revenue attrition,” he said.

He said that over the past seven weeks the bank had let go 600 investment bankers.

Sewing said the bank would cut spending by 1 billion euros ($1.17 billion) by the end of 2019 in its investment bank.

“In the second quarter, the revenue environment remains challenging, particularly for our corporate and investment bank,” he said.

Reporting by Tom Sims; Editing by Victoria Bryan

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