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MarketScreener Homepage  >  Equities  >  Xetra  >  Deutsche Bank AG       DE0005140008

DEUTSCHE BANK AG

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Deutsche Bank : sustainably cut costs in 2018, CFO says

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01/11/2019 | 09:09am EDT
FILE PHOTO: The logo of Deutsche Bank is seen in front of one of the bank's office buildings in Frankfurt

DUESSELDORF (Reuters) - Deutsche Bank sustainably cut costs in 2018, the lender's finance chief said on Friday, seeking to allay a major concern held by investors in recent years.

Germany's largest lender has pledged to keep costs at 23 billion euros (£20.7 billion) in 2018 and reduce them to 22 billion euros in 2019.

Analysts on the whole believe the bank will meet these targets, according to a consensus forecast published on the bank's website, after missing its goals in past years.

"We have our costs under control," Chief Financial Officer James von Moltke told a New Year's reception.

"We cut costs sustainably to such a degree in 2018 that we can confidently say: We are convinced that the times are over when Deutsche Bank set targets that it then fails to meet," von Moltke said.

The past year has been a turbulent one, in part because of allegations of laundering money after a two-day raid in November that involved a police search of all board members' offices.

"It is obvious that the partially distorted discussions on these issues are damaging our business," von Moltke said.

"We want to resolve these allegations as quickly as possible, and we are cooperating fully with the authorities," he said. "So far we have had no evidence of any misconduct on our part," he said.

(Reporting by Matthias Inverardi; Writing by Tom Sims; Editing by Riham Alkousaa and Michelle Martin)

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Financials (€)
Sales 2019 24 593 M
EBIT 2019 2 510 M
Net income 2019 1 113 M
Debt 2019 -
Yield 2019 2,37%
P/E ratio 2019 12,11
P/E ratio 2020 8,22
Capi. / Sales 2019 0,50x
Capi. / Sales 2020 0,49x
Capitalization 12 330 M
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Income Statement Evolution
Consensus
 
Mean consensus UNDERPERFORM
Number of Analysts 25
Average target price 7,17 €
Spread / Average Target 20%
EPS Revisions
Managers
NameTitle
Christian Sewing Chief Executive Officer
Karl von Rohr Co-President & Chief Administrative Officer
Garth Ritchie Co-President & Co-Head-Corporate & Investment Bank
Paul Achleitner Chairman-Supervisory Board
Frank Kuhnke Chief Operating Officer & Member-Management Board
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