Deutsche Bank: Worst performing stock in DAX today

Deutsche Bank: Worst performing stock in DAX today

Major European investment banks are facing a tough day. Earlier we wrote that Barclays is the worst performing company in FTSE following weak earnings report. However its German counterpart Deutsche Bank is finding itself in even worse situation. Weak Q3 earnings report, where EPS at -0,692 EUR vs. estimate at 0,840 EUR, may be the least of Deutsche’s problems. Bank’s co-CEO John Cryan announced that 26.000 of jobs will be cut in the company by 2018. They also plan to close their operations in 10 countries, with Mexico, Norway and New Zealand being among them. Deutsche Bank is the worst performing company in DAX index, its share price is falling by about 5,3%.

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