Deutsche Bank: Oddo confirms rating after AGM
(CercleFinance.com) - Oddo has confirmed its Reduce rating on the Deutsche Bank stock, along with its target price of 9.
4 euros after announcements made at the group's AGM.
The banks wants to downsize of its Equity division by about 25%, which will result in it reducing its total workforce from its current level of 97,000 to "well below" 90,000.
The group continues to reduce its costs which, in adjusted terms, are not expected to exceed 23 billion euros in 2018, before 22 billion euros in 2019.
Oddo underlines that the group's initially aimed to reduce costs to 22 billion euros by 2018. CEO Mr Cryan had already warned at the start of 2018 that this could not be achieved until 2019. As such, there is nothing new on this point, Oddo says.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
4 euros after announcements made at the group's AGM.
The banks wants to downsize of its Equity division by about 25%, which will result in it reducing its total workforce from its current level of 97,000 to "well below" 90,000.
The group continues to reduce its costs which, in adjusted terms, are not expected to exceed 23 billion euros in 2018, before 22 billion euros in 2019.
Oddo underlines that the group's initially aimed to reduce costs to 22 billion euros by 2018. CEO Mr Cryan had already warned at the start of 2018 that this could not be achieved until 2019. As such, there is nothing new on this point, Oddo says.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.