Morningstar | Deutsche Bank Under Review
We are placing no-moat Deutsche Bank under review. The bank announced an extensive strategic overhaul, including the exit of its equities sales and trading business as well as a substantial resizing of its fixed-income operation. It plans to shed EUR 74 billion in risk-weighted assets, reduce its workforce by about 18,000 employees, and cull its cost base by EUR 6 billion by 2022. The announcement also included preliminary second-quarter results, which are affected by about EUR 3 billion in restructuring charges related to the strategic repositioning, resulting in a net loss of EUR 2.8 billion. In total, Deutsche Bank expects transformation charges of EUR 7.4 billion by 2022. We plan to assess the impact of this strategic realignment on Deutsche Bank’s profitability as well as its competitive position now that its focus is shifting away from global markets towards Europe. We expect to publish an updated outlook and fair value estimate by July 19.Deutsche Bank is a holding company acting as an international financial service provider. Co. offers a wide variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Co. has operations or dealings with existing or potential customers in most countries in the world. Co. is organized into the following six corporate divisions: Global Markets (GM); Corporate & Investment Banking (CIB); Private, Wealth & Commercial Clients (PW&CC); Deutsche Asset Management (Deutsche AM); Postbank (PB); and Non-core Operations Unit (NCOU).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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