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Europe markets: banks suffer again on RBS, Deutsche earnings

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Europe markets: banks suffer again on RBS, Deutsche earnings

Europe markets: banks suffer again on RBS, Deutsche earnings

Tougher competition and Brexit uncertainty hit Royal Bank of Scotland profits, while Deutsche Bank's investment bank weakness is underscored by a 19 per cent fall in its bond trading division.

David Pollard reports on Friday's earnings updates from Europe's banks.


Europe markets: banks suffer again on RBS, Deutsche earnings

It's been a bruising week for Europe's lenders .... And for their investors.

Shares suffered for a fourth day on Friday - RBS down as much as 7 per cent in morning trade despite reporting better than expected profits.

Tough trading conditions are blamed for a weak outlook .... Its investment bank income was down 40 per cent .... And Brexit uncertainty, it says, has played a role.

A theme also picked by Goldman Sachs - Britain, it's saying, has lost nearly 2.5 percent of GDP relative to its pre-referendum growth path.

In the meantime, RBS wants a new CEO.

Ross McEwan announced his resignation on Thursday - a possible fresh start as the lender heads for full private ownership after a massive state bailout.

Top RBS exec Alison Rose is tipped to take the bank into the future.

Deutsche Bank, meanwhile, is still trying to shake off the past.

A day after a spokesman announced the end of merger talks with Commerzbank, it confirmed net profits at 201 million euros in Q1 - around 224 million dollars.

A new leadership has been trying to extricate Deutsche from the money laundering allegations, ratings downgrades and failed stress tests and losses of recent years.

But revenues in its crucial investment bank division are down 13 per cent.

And Deutsche is scaling back previous expectations for a rise in overall performance.

Now expecting, it says, revenues to be flat for 2019.

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