Deutsche Bank overhaul to hit FactSet profit- Credit Suisse
July 8 (Reuters) - Deutsche Bank AG's move to scrap its global equities operations could dent the 2020 fiscal profit for FactSet Research Systems Inc, Credit Suisse analysts said on Monday.
Germany' largest lender began the process of laying off 18,000 employees on Monday, as part of an $8.3 billion restructuring plan that represents a major retreat from investment banking, which for years the bank had tried to push as a major force on Wall Street.
Deutsche Bank's equity research division is a FactSet customer in both North America and Europe, Credit Suisse said, estimating a 5 cent hit to the research firm's fiscal 2020 earnings per share.
The brokerage's new estimate for FactSet's annual earnings of $10.30 is 19 cents below analysts' average estimate, according to IBES data from Refinitiv.
FactSet shares fell 2.6% and Deutsche Bank's U.S.-listed shares dropped about 5% as doubts over its capacity to make profit in 2020 heightened.
The bank's shares have lost about 40% of their value in the last 12 months. (Reporting by Uday Sampath and Shreyashi Sanyal in Bengaluru; Editing by Shinjini Ganguli)
