Deutsche Bank Drops After Report That Firm Weighs Profit Warning
Deutsche Bank AG (DB), Europe’s largest investment bank by revenue, fell the most in more than five months after a report that executives are considering issuing a profit warning.
The bank’s U.S.-listed shares dropped 3 percent to $52.27 yesterday in New York. The Wall Street Journal, citing people familiar with the matter whom it didn’t identify, said the bank is weighing whether to take the step amid losses incurred through asset sales in the fourth quarter. The company’s bond-trading division also struggled during the period, according to the report.
Renee Calabro, a Deutsche Bank spokeswoman in New York, declined to comment. The firm is scheduled to report results before markets open on Jan. 29.
Deutsche Bank is seeking to resolve probes into whether it rigged interest rates and misled clients, and said it has received requests for information from regulators investigating attempts to manipulate the $5.3 trillion-a-day foreign exchange market.
The bank’s U.S.-listed shares fell as much as 5.1 percent, the biggest intraday decline since July 30, before paring losses.
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