Deutsche Bank sticks with 2022 profit target

11 December, 2020 12:00 AM printer

FRANKFURT: Deutsche Bank on Wednesday said it would cut costs further as the bank confirmed a key profitability target for 2022 that is higher than some analysts have forecast.

Germany’s largest lender is in the midst of a major overhaul under Chief Executive Christian Sewing and has already announced plans to cut headcount by 18,000 and exit some businesses, report agencies.

Deutsche Bank is aiming to return to profitability after five consecutive years of losses totalling more than 15 billion euros (US$18.20 billion).

The bank said in a presentation to investors that it was still aiming for a return on tangible equity of 8per cent by 2022, a goal that it originally set out in its restructuring plans in 2019.

A consensus forecast published by Deutsche Bank, showed that analysts forecast a 3.3per cent return on tangible equity by 2022.