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Deutsche Bank Extends Gains as Investors Gauge Sewing's Turnaround Progress

Martin Baccardax

shares rose to the top of the German market Thursday, extending gains to around 7% since hitting an all-time low last week, as it attempts to win back investor support amid ongoing concerns over the health of the country's biggest lender. Deutsche Bank is getting support from a host of factors in Thursday trading, most notably from yesterday's signalling from the European Central Bank that it's ready to start talking seriously about policy normalisation, but also from a rebound in Italian banks stocks, where the German lender has a great deal of credit exposure, and reports that it's planning around €1 billion in cost cuts at its troubled investment banking division as it continues to retrench operations into its domestic and European markets. "Of the €2 billion planned cost reductions between 2017 and 2019, more than half is expected to come from the corporate and investment bank," said Deutsche Bank CFO James von Moltke Wednesday.