Company Reports

SpaceX has filed for one of the largest IPOs in history, with Anthropic and OpenAI expected to follow in the most significant fundraising cycle in years. No European bank holds a lead equity arranger role; that honor belongs to five US banks.

Deutsche Bank has turned the tide on profitability after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downsized its fixed-income trading business, and materially reduced its workforce. The bank now focuses on its basics, providing services to its customers globally in its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank reported a return on tangible equity of 12.7% in the first quarter. It took an additional provision overlay to account for increased uncertainties related to the conflict in the Middle East.

European banks have declined around 10% from their highs as rising oil and gas prices and the prospect of higher-for-longer interest rates fuel fears that loan defaults will rise.

Deutsche Bank has turned the tide on its profitability after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downsized its fixed-income trading business, and materially reduced its workforce. The bank now focuses on its basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank reported fourth-quarter profits before tax of EUR 2.0 billion, closing the year with a return on tangible equity of 8.7%.

Deutsche Bank grew its profit before tax by 8% year over year in the third quarter of 2025. The bank had a great quarter in its investment bank and asset management.

Deutsche Bank has turned the tide on its profitability after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downscaled its fixed income trading business, and materially reduced its workforce. The bank now focuses on its core basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank has turned the tide on its profitability outlook after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downscaled its fixed income trading business, and materially reduced its workforce. The bank now focuses on its core basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank reported second-quarter profits before tax of EUR 2,421 million, 18% ahead of consensus estimates collected by the bank. A better-than-anticipated reduction in operating expenses and a good performance in investment banking despite a weak backdrop drove this outperformance.

Deutsche Bank reported first-quarter results, posting 10% revenue growth to EUR 8.524 billion. This was 3% ahead of consensus estimates collected by the bank prior to the release. The investment bank and asset management divisions stood out positively. We raise our fair value estimate to EUR 17.60 per share from EUR 15.50 previously. Our no economic moat rating is unchanged.

Deutsche Bank has turned the tide on its profitbility outlook after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downscaled its fixed income trading business, and materially reduced its workforce. The bank now focuses on its core basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank reported fourth-quarter operating profits of EUR 583 million, missing consensus estimates collected by the bank itself by 38%. Higher operating expenses of EUR 5.276 billion on an adjusted basis versus EUR 5.140 billion expected by consensus and higher litigation and restructuring charges were the culprits. Moreover, Deutsche also loosened its cost guidance for 2025 to a below 65% cost-to-income ratio from below 62.5%, previously. Management pointed toward greater investments into the business as a source of the guidance adjustment. On a positive note, Deutsche’s investment bank performed well above expectations, growing 30% year over year. The investment banking industry is experiencing a tailwind globally, and Deutsche is benefiting as a result. Performance was strong across all subdivisions within the investment bank, enjoying higher client activity and demand for financing and advisory services. Asset management also had a good quarter, up 22%, on the back of 13% higher assets under management and a strong result from transaction and performance fees.

Deutsche Bank has structurally turned the tide on its profitbility outlook after multiple failed restructuring attempts. In its latest and successful effort, the bank has shed its global equities sales and trading business, downscaled its fixed income trading business, and materially reduced its workforce. The bank now focuses on its core basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.

Deutsche Bank’s third quarter was driven by a good performance in the investment bank, but higher loan-loss provisions flagged for the full year did disappoint. We maintain our EUR 13.00 per-share fair value estimate and no moat rating.

Deutsche Bank reported second-quarter results that were heavily affected by EUR 1.6 billion in litigation charges. Related to the Postbank takeover litigation, the bank booked a EUR 1.3 billion provision, which it believes should be sufficient to cover all related claims. The litigation provision was already announced on April 26 after a hearing in the Higher Regional Court in Germany. Outside of this sizable one-off, the bank had a decent quarter, and we maintain our EUR 13 per share fair value estimate. Our no-moat rating is unchanged.

Deutsche Bank reported a good first quarter. Profit before tax rose 10% to EUR 2 billion, while return on average tangible equity came in at 8.7%. The cost/income ratio improved to 68% from 71% last year. The improved efficiency was due to good revenue retention and cost improvements. We maintain our EUR 13 per share fair value estimate and no-moat rating.

Deutsche Bank reported fourth-quarter 2023 profits before tax of EUR 698 million, 10% lower than a year ago, when the bank posted an exceptionally strong quarter. Deutsche did disappoint relative to consensus estimates collected by the bank itself on revenue of EUR 6.658 billion (2% below consensus estimates) and adjusted costs of EUR 5.305 billion (3% above consensus estimates). The reasons were a still weak backdrop for the investment bank and its fixed-income trading operation as well as the asset management segment performing below expectations. We maintain our fair value estimate of EUR 13 per share and no economic moat rating.

Deutsche Bank is reported to be hiring again for its increasing ambition in investment banking. We have been critical of such moves in the past and continue to see risks that Deutsche will move its focus from a self-proclaimed "Hausbank" toward ambitions of becoming an investment banking powerhouse again. We believe rounding out its capabilities around its corporate finance offering makes strategic sense to strengthen its client relationships. However, we fear that Deutsche may not stop there but will eventually aim for a top spot within global investment banking league tables.

Deutsche Bank has successfully halted the detrimental spiral of faster declining revenue. In the process, the bank has shed its global equities sales and trading business, downscaled its fixed income trading business, and materially reduced its workforce. The bank now focuses on its core basics, providing services to its customers globally within its corporate banking, private banking, investment banking, and asset management segments.