Deutsche Bank warns

Deutsche Bank recognized in its annual report 2015 that a great first quarter is expected in this exercise.

Deutsche Bank, the largest bank in Germany, expects a weak first quarter due to the turmoil in capital markets earlier this year.

This follows the balance of 2015, released today, in which the co-chairs John Cryan and Jürgen Fitschen write that “this year is not going to produce a strong first quarter as usual in the sector” bank.

Will not be an exception, and Cryan added Fitschen.

The US bank JPMorgan has recently complained that the investment banking business has been weak.

However, “even in times of turbulent markets Deutsche Bank is solid,” according to the co-chairs of the board of the entity.

They stressed that the capital base is strong and has a strong liquidity position and reliable sources of refinancing.

To reassure investors, who feared that Deutsche Bank could not pay the interest on convertible debt (cocci) issued in 2014 by record losses and provisions for litigation, Deutsche Bank decided to buy back debt securities issued in euros and dollars.

Deutsche Bank, which has lost 30% of its market value so far this year, said it is solvent and has sufficient liquidity to pay this year’s interest on the debt.

 

Deutsche Bank warns

 

The company has so far repurchased debt with a face value of 1,940 million euros, an amount that will have an effect on the accounting records of 55 million euros in the first quarter.

The board of directors of Deutsche Bank did not charge bonuses 2015, as its president and Cryan said when presenting the figures at the end of January.

The remuneration of the members of the board in 2015 fell 36% to 22.7 million euros, coinciding with record losses of 6,800 million euros.

Cryan, who began his tenure as chairman of Deutsche Bank on July 1, replacing Anshu Jain, won last year by those six months 1.9 million euros.

Jain also won 1.9 million euros and 3.8 million euros Fitschen, compared with 6.7 million euros in 2014 in the latter case.

Deutsche Bank will not distribute dividends to its shareholders or this year, or next.

The Perks of employees of Deutsche Bank have also fallen in 2015 by 17% to 2,400 million euros, mainly in investment banking, where the variable remuneration was 1,500 million euros, 20% less than in 2014.

But the total compensation of bankers investment banking rose last year by 6% to almost 4,800 million euros, compared with 2014.

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