In fiscal 2022, the bank made more profits than it has since 2007.
(photo: AP)
Frankfurt When Deutsche Bank chief Christian Swing speaks virtually to his shareholders this Wednesday, he can deliver on his promise: He promised an after-tax return of eight per cent on tangible shares and made even more than that, at 9.4 per cent. The stake will increase from €0.2 to €0.3 per share and he wants to start a smaller share buyback program this year.
When Swing moved to the top of Germany’s largest bank in April 2018, very few thought it was capable of such a turnaround. The bank was considered a case of restructuring and a loss record. After that, sewing cut a few thousand jobs, albeit fewer than originally planned, implemented tough austerity measures and cut investment banking.
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