Summer lull

22 September 2010 By Nicholas Paisner

The German bank says its Q3 results will be significantly down yearonyear. With markets treading water, Deutsche won’t be the only firm reporting soggy numbers. But it’s not all bad. If a weak quarter results in lower pay, banks may at least face less of a row over bonuses.

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Deutsche Bank said on Sept. 21 said that it expects net income for the third quarter to be significantly below the comparable quarter of 2009, even before taking into account a 2.3 billion euro charge on its existing investment in Deutsche Postbank. After the charge, it expects to report a net loss for the quarter.

Deutsche Bank provided the update in the offering circular for its 10.2 billion euro capital increase ($13.6 billion) released on Sept. 21.

Deutsche Bank's shares fell 4.5 percent on Sept. 21. By 1100 GMT on Sept. 22 the shares were trading at 41.32 euros, up 1.2 percent.

The subscription period for Deutsche Bank's rights offering begins on Sept. 22 and ends on Oct. 5.

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