Deutsche Bank beats estimates, accelerates restructuring

FRANKFURT, Germany (AP) – Germany’s struggling Deutsche Bank says net profit fell to 401 million euros in the second quarter from 466 million euros a year earlier as the bank incurred higher costs from its restructuring.

The profit beat analyst estimates for 209 million euros and the bank said it was making quicker progress in cutting costs and reshaping its business model after three years of losses.

The number of employees fell by 1,700 to 95,400, and the bank confirmed its target of fewer than 90,000 by the end of next year. Expenses for external vendors and services fell.

CEO Christian Sewing, who took over in April with a mandate to speed the bank’s transformation said Wednesday that “we accelerated the reshaping of our bank significantly and proved the resilience of our global business.”