Deutsche Bank Posts Profit but Challenges Remain
Deutsche Bank AG unexpectedly returned to profit in the third quarter as Chief Executive Officer John Cryan continued to lower costs and the securities unit reported a jump in revenue. Deutsche Bank said while it suffered some business reductions and asset outflows in parts of the global markets and the wealth management divisions in the wake of talks tied to the U.S. settlement, reductions have since abated and “in some cases have reversed.” The lender had 200 billion euros in liquidity reserves at the end of September, according to slides. Cryan told staff the “situation will remain tough for some time to come,” with the lender “working hard on achieving a resolution” with U.S. authorities. M & G Investments Fund Manager Eric Lonergan discusses with Caroline Hyde in Berlin and Guy Johnson in London on "Bloomberg Markets: European Open."