Deutsche Bank’s profits plummeted by 98% in Q2 compared to the year-ago quarter, hit by low interest rates, slow trading and investment-banking operations.
The German bank—one of the world’s largest financial lending institutions—reported net income fell to $22M in Q2, compared to its $818M profit a year ago. The bank still beat analyst estimates, which have been lowered following the June 23 Brexit vote. Wall Street analysts anticipated anywhere between a $1B loss and a €500M gain.
Deutsche Bank was flagged in the Federal Reserve's second stress test last month, and was seen as lacking in terms of shoring up reserves and building effective risk management systems. [WSJ]
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