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- Deutsche Bank faces another challenge with Fed stress test
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Deutsche Bank Cuts Forecast
October 4, 2011
Deutsche Bank's profit target for 2011 is history, as are 500 jobs, apparently due in large part to the German bank's Greek sovereign debt holdings. DB also said it expects to take further impairment charges, all of which sent its shares into a spiral on Tuesday.
According to a statement, the bank's target of $13.1bn pre-tax profit is no longer attainable. In addition to cutting 500 jobs in its Corporate & Investment Bank unit, DB will take impairment charges of around 250mn Euros on Greek debt in the third quarter.
More details are expected from Chairman Josef Ackermann, who will formally announce the news in a speech in London. [CNBC, 10/4/11]
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