tyb
fuck off Cock
Deutsche Bank Sees Flat Revenue – WSJ
Deutsche Bank AG disclosed a disappointing revenue outlook Friday, sending its stock lower and highlighting the difficult road ahead a day after merger talks with Commerzbank AG failed.
Last month the bank forecast a slight increase in 2019 revenues, but Friday lowered that to "essentially flat." Its shares fell more than 3% after the earnings release. Cost-cutting helped Deutsche Bank boost first-quarter profit despite continuing revenue declines.
The no-deal decision ending the talks with Commerzbank spurred a range of questions about Deutsche Bank's next moves, including a possible restructuring of its investment bank and potential deal aimed at expanding its asset-management arm.
On a conference call with analysts, executives were hammered with questions about their strategic alternatives, the likely timing, what kind of deal might appeal to them if Commerzbank didn't, and whether Deutsche Bank can rule out having to raise capital. The answer was mostly no answer.
The bank is trying to blunt the impact of those uncertainties. It pre-released some first-quarter numbers on Thursday, including the profit improvement, when it disclosed the end of merger talks. However, the prerelease didn't mention the lowered 2019 revenue forecast, making that a negative surprise on Friday.
Chief Executive Christian Sewing emphasized progress in cutting expenses and strengthening loan growth. The bank's separately listed DWS asset-management arm was a bright spot, beating analyst estimates for inflows and reversing last year's decline in assets under management.
Mr. Sewing told analysts that Deutsche Bank had seen a "major opportunity" in exploring a merger with Commerzbank and the talks were a useful self-examination even though they didn't lead to a deal. He promised Deutsche Bank will remain "globally relevant," and defended its strategic direction. "Our first order of business is that we have a plan against which we continue to deliver," he said.
Ratings agency Standard & Poor's on Friday said it expects Deutsche Bank to "remain under strain" until it takes "further strategic actions to achieve its longer-term objective of adequately covering its cost of capital." S&P said a merger would have posed risks, but so does Deutsche Bank's stand-alone strategy. It noted that analysts doubt the bank's ability to meet its 2019 target of a 4% return on tangible equity. S&P rates Deutsche Bank's long-term debt BBB+, the third-lowest investment-grade rating. Friday's note didn't constitute a ratings action.
First-quarter net income was EUR201 million euros ($224 million), a 67% increase from a year ago and better than consensus analysts' expectations. Revenue declined 9% overall, to EUR6.35 billion. Investment-bank revenues fell 13%, with sales and trading revenues down 18% in equities and 19% in fixed income.
Executives pointed out that the bank has purposely slimmed down its equities-trading unit, explaining some of the declines. Many banks reported double-digit declines in stock-trading revenues during a tough quarter for trading operations.
"Our first-quarter results demonstrate the strength of our franchise and our continued progress in executing our plans in a very challenging market environment," Mr. Sewing said in a statement.
Deutsche Bank and Commerzbank disclosed merger discussions in mid-March. On Thursday Deutsche Bank said the costs and complexity of the deal proved too daunting.
"After careful analysis, it became apparent that such a combination wouldn't be in the interests of either bank's shareholders or other stakeholders," the bank said.
Deutsche Bank on Friday said it lowered noninterest expenses 7% in the first quarter and boosted its market share in corporate finance and investment-grade debt origination. Its overall origination and advisory revenue declined 5% in the period. The global pool of fees banks earn from helping companies do deals and issue securities has shrunk.
Revenue in Deutsche Bank's global transaction banking business, which provides cash-management services to governments, companies and other clients and finances trade flow, were up 6%. That business is a focus of growth for the lender.
https://www.morningstar.com
they do have product's for that-for IRA's but they are mostly paper derivative's and unless you own it, physically, you don't really own it.
Can't really tell ya what to do, and not making rec's on anything other than hard asset's but if you do that(IRA "product's")you will be in a very long line with a piece of paper claims.
Find a way to buy it outright. That's about as far as I can take it.
BTW I'm not an old fart either. Started doing this very young.
no problem. appreciate the love. back at ya
have this. have it at if possible