DB - Deutsche Bank switches to offense sets 2022 targets

Relying on increased cost-cutting, better-than-expected performance at its revamped investment bank, and higher leverage, Deutsche Bank (DB) is "switching from defense to offense," CEO Christian Sewing told investors today.The bank is on track to produce a return on tangible equity of 8% by 2022 and to return €5B of capital to shareholders in the following years, he said.The company's core bank revenue grew by 8% during the first nine months of 2020 and has continued into Q4, he said.Deutsche Bank has set a new adjusted cost target to €16.7B in 2022 from €19.5B for 2020.See DB's noninterest expense over the past 11 quarters:Sees 2022 provision for credit losses at 25-30 basis points vs. 41 basis points in 2020, and 2021 PCL somewhere between the two.Targets cumulative sustainable financing and investing volumes of over €200B in 2025, up from more than €20B in 2020.Commits to maintaining Common Equity Tier 1 capital

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Deutsche Bank switches to offense, sets 2022 targets