Deutsche Banks profits nosedived from 800 million to just 20 million in the second quarter.
The results were impacted by a tough environment for European banks, and a range of restructuring-related charges, as new CEO John Cryan looks to clean up the banks act.
The bank took goodwill impairments of 285 million, restructuring and severance charges of 207 million, and litigation charges of 120 million.
The bad news for the banks staff: the restructuring effort may be about to accelerate.
Cryan said in a statement (emphasis ours):
We have continued to de-risk our balance sheet, to invest in our processes and to modernise our infrastructure. However, if the current weak economic environment persists, we will ne…
Read the full article at: http://www.businessinsider.com/deutsche-bank-second-quarter-2016-results-2016-7