Deutsche Bank AG's turnaround strategy rests in large part on shedding 288 ...
) turnaround strategy rests in large part on shedding 288 billion euros of unwanted assets. Three bank insiders said it will take years, tying up capital that could have generated income of 500 million euros a year.
Deutsche Bank has held on-and-off talks with potential buyers of some of those assets over the past two years, three people said. The sales did not happen because the prices offered would have resulted in hundreds of millions of euros in losses for the bank, they said. The derivatives themselves are not creating losses, but global regulations introduced following the financial crisis have forced the bank to hold more capital against them, which means Deutsche Bank cannot use those dollars for more profitable investments, the people said.
The full extent of the bank’s derivatives exposure is still being assessed as the bank examines each position being placed in the bad bank, said the people, who include senior Deutsche Bank staff in New York and London. Sewing hopes to free up capital that can be returned to shareholders while retaining profitable businesses such as transaction banking. The bank wants to begin returning 5 billion euros of capital to shareholders in 2022.
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