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    DBK   DE0005140008

DEUTSCHE BANK AG

(DBK)
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Real-time Estimate Tradegate  -  07:06:00 2023-02-02 am EST
12.01 EUR   -1.93%
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Deutsche Bank's DWS plans divestments and special dividend

12/07/2022 | 02:37am EST
FILE PHOTO: Logo of Deutsche Bank AG is displayed during the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Deutsche Bank-owned fund manager DWS on Wednesday said it would divest businesses and reduce its footprint in measures that would create 100 million euros in savings by 2025 to be reallocated to growth areas.

The fund manager also said it would propose a dividend of up to 1 billion euros ($1.04 billion) in 2024.

The announcements, which includes new profit and cost targets for the years ahead, come as the German company tries to move on from allegations that it misled investors over its green credentials.

It has repeatedly denied those allegations and said on Wednesday that it was nearing completion of an internal investigation and working closely with authorities to resolve the matter.

Shares rose 3.1% in early Frankfurt trade.

Later on Wednesday, the new Chief Executive Officer Stefan Hoops will brief investors and analysts on the strategy.

"We are committed to self-funding our changes by reallocating financial resources freed up by divestments, delayering and cost initiatives," he said in a statement.

As new targets, DWS is aiming for earnings per share of 4.50 euros by 2025 and an adjusted cost-to-income ratio of below 59%.

That compares with 2021, which was a particularly strong year, of 3.90 euros per share and a record low cost-to-income ratio of 58.1%.

($1 = 0.9572 euros)

(Reporting by Tom Sims and Marta Orosz; Editing by Cynthia Osterman and Paul Carrel)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
DEUTSCHE BANK AG -1.99% 12.002 Delayed Quote.15.70%
DWS GROUP GMBH & CO. KGAA -5.25% 31.46 Delayed Quote.9.09%
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Financials
Sales 2022 27 059 M 29 543 M 29 543 M
Net income 2022 4 028 M 4 398 M 4 398 M
Net cash 2022 38 370 M 41 893 M 41 893 M
P/E ratio 2022 6,53x
Yield 2022 2,48%
Capitalization 24 956 M 27 247 M 27 247 M
EV / Sales 2022 -0,50x
EV / Sales 2023 -0,37x
Nbr of Employees 84 556
Free-Float 92,1%
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Number of Analysts 20
Last Close Price 12,25 €
Average target price 13,12 €
Spread / Average Target 7,11%
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Managers and Directors
Christian Sewing Chief Credit Officer
Karl von Rohr Vice Chairman & Co-President
James von Moltke Co-President & Chief Financial Officer
Alexander Rijn Wynaendts Chairman-Supervisory Board
Bernd Leukert Chief Technology, Data & Innovation Officer
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