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Deutsche Bank posts record results despite IT breakdowns
Deutsche Bank facing billion-dollar loss: IT breakdowns are a burden despite record results - experts warn of further costs. Find out now about the impending consequences before the Cologne Higher Regional Court.
Deutsche Bank posts record results despite IT breakdowns
Despite the best result in over ten years, Deutsche Bank is facing a billion-dollar loss before the Higher Regional Court in Cologne. In the first quarter of 2024, the company recorded a net profit that increased by 10 percent to 1.5 billion euros. This led to a 6 percent increase in the share price to its highest level in six and a half years. However, the costs of Postbank's IT breakdowns are a side note on this successful day. Despite customer complaints and problems with account releases, construction financing and estate work, costs amounted to 30 million euros in the first quarter of 2024 and could reach a maximum of 100 million euros.
Due to Postbank's IT problems, the financial regulator Bafin has now sent “special watchdogs” to Deutsche Bank. Although the company is faced with the additional costs, the profit development remains positive. However, the current situation is reminiscent of past controversies where former board members described the sums as “peanuts.” Despite the successful quarterly results, the looming billion-dollar loss before the Cologne Higher Regional Court remains a challenge for Deutsche Bank.