Deutsche bank registers USD 6.2 bln losses ’19

BERLIN: Germany’s largest bank, Deutsche Bank, announced Thursday losses amounting to 5.7 billion euros (USD 6.2 billion) for 2019.

The Frankfurt-based bank attributed the huge losses to restructuring plans, payment of compensations and low interest rate in the Eurozone.

However, Deutsche Bank president Christian Sewing voiced optimism the bank would improve performance in 2020.

“If we continue the reforms with this determination and discipline for the next six months, I look at 2020 and following years with optimism,” he said.

Sewing said structural reforms were on right track.

Deutsche bank has 89,597 employees. The bank laid off around 4,000 employees last year as part of its restructuring process.

Source: Kuwait News Agency