FRANKFURT - Deutsche Bank’s battered stock soared 14.4% on Thursday after a new investor took a large stake — a move seen as a vote of confidence in the restructuring effort led by CEO Christian Sewing. Deutsche Bank disclosed that Los Angeles-based Capital Group Companies had taken a 3.1% stake. Like other banks in Europe, Deutsche Bank earnings have been under pressure from low interest rates, which squeeze the profit margins banks can earn on lending. Germany’s biggest bank reported a net loss of 1.48 billion euros ($1.6 billion) for the October-December period, compared with 409 million euros a year earlier. For the full year, it lost 5.27 billion euros, compared with a profit of 341 million euros in 2018.

Source: thestar February 06, 2020 18:45 UTC