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Deutsche Bank stock is currently trading at 6.51-lower by 0.93% as compared to the previous closing price. The stock has continued loss after the opening bell.
One of the Germany’s largest lenders Deutsche Bank is struggling since the global financial crisis. Its share price has lost more than 80% in the last 10 years.
The company’s CEO Christian Sewing announces a massive plan to reach their targets and he also promises to return 5 billion euros of capital to shareholders inform of dividends starting in 2022.
The bank has reported a net loss of 832 million euros during the third quarter of the financial year and company expects a further loss of 1.2 billion euros in the fourth quarter sue to its on-going restructuring plan.
The bank is facing difficulties due to higher competition and lower market capitalization in investment and commercial banking.
According to the sources the bank is trying to cut 100 million euros in an annual cost by merging its domestic retail banking operations with the group’s structure and according to sewing’s restructuring plan there would be a reduction of workforce of about 18000 jobs by 2022.
On the technical front, the market is trading above 5 day moving average but below 20 and 50-moving averages. The stochastic had a crossover around 55 and indicates that market is expected to move in downwards direction.
TRADE SUGGESTION- SELL@ 6.51, STOPLOSS@ 6.71, TARGET@ 6.11