DB - Deutsche Bank stock slumps after costs pressure 2022 financial targets

Deutsche Bank (NYSE:DB) shares trading in the U.S. are sliding 6.7% in Wednesday premarket trading after Germany's largest lender said it will be challenging to meet its cost targets. The bank continues "to work towards our targets, but the current environment remains challenging and the visible cost pressures have intensified, " Chief Financial Officer James von Moltke said in his prepared statement for Deutsche Bank's (DB) earnings call. Overall, Q1 adjusted costs, excluding transformation charges and bank levies, decreased by EUR 332M, or 7% from Q4 2021, said CEO Christian Sewing. And while compensation and benefit costs were broadly flat against Q4's elevated levels, they were higher than the company's guidance. Deutsche Bank (DB) incurred EUR 40M of unplanned benefit costs during the quarter, which it doesn't expect to repeat for the rest of the year. Furthermore, any structural costs reductions it achieved, largely in its Private Bank, were offset by

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Deutsche Bank stock slumps after costs pressure 2022 financial targets