Deutsche Bank Scraps Profit Target; to Cut 500 Jobs

Deutsche Bank scrapped its profit target for this year, announced 500 job cuts and said that it would take further impairment charges on its holdings of Greek sovereign debt, sending its shares down on Tuesday.

Photo: Paul Alvord

Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank, will announce the news in a speech in London, the bank said in a statement.

Deutsche Bank's planned pre-tax target of 10 billion euros ($13.1 billion) was no longer achievable, the bank said in the statement.

The bank will take impairment charges of around 250 million euros on Greek sovereign debt in the third quarter as it continues to mark to market, and will cut 500 jobs in its Corporate & Investment Bank unit.

Its shares fell 4 percent in Tuesday trading.