Binance is More Profitable than Deutsche Germany’s Biggest Bank
Deutsche Bank, Germany’s biggest bank and one of Europe’s leading financial institutions, recorded a profit of $146 million. Binance, the world’s biggest cryptocurrency exchange, recorded a profit of $200 million.
Surprisingly, Binance managed to overcome one of Europe’s largest financial institutions after just eight months of operation. By comparison, Deutsche has been in business for the past 148 years and currently employs more than 100,000 people.
Christian Sewing, who was appointed as the new CEO at Deutsche Bank, stated that the bank will move away from hedge fund investment and focus on stabilizing on a few areas the bank where the bank is still dominant. With an $800 million restructuring plan and a massive cut of employees, the bank aims to generate profits by the end of 2018.
“We’ve clearly gained market share in the markets business,” Barclays Chief Executive Officer Jes Staley said in an interview .“It’s one of the most profitable quarters we’ve had in corporate and investment banking.”
Deutsche Bank has been a major foreign player in the U.S. investment-banking and trading business since its $10 billion purchase of the century-old Wall Street firm Bankers Trust in 1999.
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