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    DBK   DE0005140008


Real-time Estimate Quote. Real-time Estimate Tradegate - 07/28 03:59:53 pm
10.588 EUR   -0.30%
05:29pMorgan Stanley raises pay for junior bankers, capital markets employees - source
05:18pDEUTSCHE BANK AG : RBC reiterates its Neutral rating
04:14pDATE : July 28, 2021 (Form 6-K)
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Don't divest dirty businesses, Deutsche Bank and BlackRock CEOs say

06/02/2021 | 11:52am EDT
FILE PHOTO: Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York

FRANKFURT (Reuters) - Public companies shouldn't go green by divesting their dirty businesses because in the end this doesn't have an impact on the overall carbon footprint, the chief executives of BlackRock and Deutsche Bank said on Wednesday.

Instead, companies should clean up their operations to be more friendly to the environemnt, they said.

Policymakers and campaigners have been pushing the financial industry to do more to hold companies to account over their climate plans, and the CEOs of BlackRock and Deutsche Bank have been championing sustainable investments - a stance BlackRock enforced last week by backing green activism at Exxon Mobil and Chevron.

Larry Fink, chief of asset manager BlackRock, challenged the view that it is good when companies sell their dirtiest assets, particularly given those assets might then be less available to public scrutiny.

Divestment doesn't change the world, Fink noted. "It just goes from a transparent organization to an opaque organization that is not going to get us to where we want to go as a society," he said on an online conference organized by Deutsche Bank. "I don't believe in divestiture of public companies."

Christian Sewing, CEO of the German lender, said the bank was getting numerous mandates to advise companies to get rid of the "bad part" of their production, which then doesn't get reported under private ownership.

"That doesn't help the next generation. That is not the right thing to do," Sewing said.

(Reporting by Tom Sims and Patricia Uhlig; Editing by David Holmes)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -0.14% 860.71 Delayed Quote.19.45%
CHEVRON CORPORATION 0.57% 101.18 Delayed Quote.19.81%
DEUTSCHE BANK AG -1.13% 10.5 Delayed Quote.17.33%
EXXON MOBIL CORPORATION 0.67% 58.22 Delayed Quote.40.30%
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Sales 2021 24 211 M 28 670 M 28 670 M
Net income 2021 1 404 M 1 663 M 1 663 M
Net cash 2021 37 867 M 44 842 M 44 842 M
P/E ratio 2021 16,0x
Yield 2021 1,34%
Capitalization 21 662 M 25 575 M 25 652 M
EV / Sales 2021 -0,67x
EV / Sales 2022 -0,98x
Nbr of Employees 84 389
Free-Float 92,8%
Duration : Period :
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Mean consensus UNDERPERFORM
Number of Analysts 25
Last Close Price 10,50 €
Average target price 11,19 €
Spread / Average Target 6,59%
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Managers and Directors
Christian Sewing Chief Executive Officer
Karl von Rohr President
James von Moltke Chief Financial Officer
Paul Achleitner Chairman-Supervisory Board
Bernd Leukert Chief Technology, Data & Innovation Officer
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