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Deutsche Bank Slides After Q2 Earnings Highlight Cost-Cutting Challenge

Martin Baccardax

shares slipped lower Wednesday after Germany's biggest bank posted second quarter earnings that matched its own recent forecasts and investors continued to question its longer-term ambition to accelerate cost cuts in order to meet targeted shareholder returns. Deutsche Bank said net profit for the three months ending in June fell 14% from the same period last year to €401 million ($469 million), a figure that essentially matched the bank's fresh forecasts, which were published on July 16. "In the second quarter we accelerated the reshaping of our bank significantly and proved the resilience of our global business," CEO Christian Sewing said in a statement Wednesday.