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Financial Times - Oct 4, 2011

Some of Europe’s biggest banks have delivered yet more bad news to investors with Deutsche Bank leading a round of profit warnings – the result both of a collapse in eurozone trading activity and ever steeper funding costs.

Josef Ackermann , Deutsche chief executive, revealed the bank had bandoned a long-standing €10bn pre-tax profit target for 2011, due to a “significantly lower than expected” result at its investment bank in the three months to end-September, sending the group’s shares down 4 per cent to €24.64. He also announced 500 job cuts.

Swiss bank UBS, which saw its chief executive resign 10 days ago in the wake of a €2.3bn rogue trading scandal, similarly indicated its underlying results would be weaker than expected. It promised a “modest net profit” for the third quarter of the year, but only after benefiting from a SFr1.5bn accounting boost from the depressed value of its own debt and SFr700m of treasury gains.

Read Full Article from Financial Times

- Posted: 2011-10-04 13:51:17

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