Eighteen months after the new strategy was announced, “the most intensive restructuring phase” was over, Sewing wrote to the workforce. “After these six quarters, we have already left 85 percent of the restructuring burdens that we expected for the period up to 2022 behind us.” In investment banking in particular, profits have been bubbling again recently, although the management of this division has been in the wake of a profound restructuring since summer 2019 had trimmed. For example, the bank has completely withdrawn from global equity trading.
Before taxes, the investment bank achieved a profit of 3.2 billion euros last year – after 502 million euros in 2019. The long loss-making division thus provided practically the entire profit of the core bank, i.e. the areas without the Group’s own dismantling unit for contaminated sites. The private customer bank recorded a pre-tax loss of 124 million euros for 2020 as a whole.