The bank said Wednesday it made a profit of
CEO
“Our more focused business model is paying off and we see a substantial part of our revenue growth as sustainable,” Sewing said in a statement accompanying the earnings release on Wednesday.
Chief financial officer
He added that the bank was not seeing “cliff effects” as different support measures expire.
“Will this support be a sufficient bridge... through the pandemic?," he said on a conference call with journalists. "The evidence so far gives cause for optimism.”
Help for businesses has included temporary salary support programs that pay most of workers' wages so that companies can avoid layoffs, as well as a moratorium in
Governments have also suspended taxes and increased deficit spending, while the
Third-quarter results were boosted by lower losses from the capital release unit aimed at exiting businesses and investments the bank no long considers part of its long-term strategy. Revenues at the investment bank unit rose 43% to
The bank said it was on target to reach all of its financial and strategic goals included in its restructuring, aimed at exiting a period of low profitability and regulatory and legal issues that cost the bank billions. It continued to shed employees, lowering headcount to 87,000 at the end of the July-September quarter from 90,000 a year earlier.
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