Deutsche Bank Profits Down, Cuts Planned
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Deutsche Bank AG posted a sharp drop in fourth-quarter profits Thursday citing restructuring charges, and announced another 3,280 job cuts.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.
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German electronics giant Siemens said that financial burdens connected with a technical fault in its new mobile phone handsets were likely to reduce earnings in the final quarter of its business year ending in September.
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Merrill Lynch & Co. MER.N on Tuesday  said third-quarter profit fell 8 percent, hurt by reduced  investment banking and trading.
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FRANKFURT : Deutsche Bank announced plans to reshuffle its management in order to meet its profit target for next year. Germany&#39;s leading bank, which is often accused of neglecting its domestic business in
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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The investment bank said 3rd-quarter profit fell to $1.54 billion, hurt by a global credit crisis that cut into stock trading, corporate lending, and results from investments.
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Automaker DaimlerChrysler AG lowered its 2006 operating profit forecast Friday, saying its Chrysler Group expects a $1.52 billion loss in the third quarter, more than double the amount anticipated.
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Wall Street profits from U.S.   operations may fall 23 percent next year as the economy slows,   corporate earnings growth moderates and fees decline, a new   study shows.
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Kraft Foods Inc. KFT.N on Tuesday  posted lower quarterly profit, weighed down by restructuring  charges.
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Bank of America Corp, the second-largest U.S. bank, said on Tuesday fourth-quarter profit sank 95 percent, hurt by more than $7 billion of losses tied to poor trading decisions and mounting credit woes.
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U.S. investment bank Morgan Stanley  MWD.N on Wednesday said quarterly profit dropped by a third  on lower bond trading revenue, weak equities results and higher  expenses, falling short of Wall Street's low expectations and  pushing its shares down as much as 8 percent.
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Wall Street stocks were lower on Thursday, after a 32 per cent fall in profits at Bank of America (NYSE:BAC) compounded woes in the banking sector and weighed heavily on market sentiment.
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Family Dollar Stores Inc  said on Tuesday quarterly profit fell as sales at older stores declined and customers cut their discretionary spending.
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Deutsche Bank, Germany's biggest bank, is considering cutting 2,000 jobs in its investment banking and asset management activities as part of a wide range of cost-cutting measures, the business daily Handelsblatt reported.
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Deutsche Bank AG, Germany's largest bank, said Friday it increased its net profit by 18 percent in the third quarter by clamping down on costs and bad loans while increasing profit from trading securities.
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Bank of America Corp  on  Wednesday said it planned to eliminate 3,000 jobs, and shook up  its corporate and investment bank after a dismal quarter at  that unit led to a 32 percent drop in overall profit.