Deutsche Bank Shares Close at Record Low on Weak Third Quarter
(Bloomberg) -- Deutsche Bank’s stock on Wednesday closed at the lowest level since Bloomberg began keeping records in 1992, after disappointing third-quarter results piled more pressure on Chief Executive Officer Christian Sewing to show he can lead the bank back to growth.
The share price of Germany’s largest lender stood at 8.87 euros when markets closed, hours after the bank reduced its full-year revenue outlook and retreated from a previous medium-term target for profitability. Chief Financial Officer James von Moltke said that it may take longer than previously planned to hit a target of 10 percent return of tangible equity. The bank is now firmly on track for its lowest annual top line since the 2008 financial crisis.
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