Mubasher: Deutsche Bank on Wednesday said that it posted a net loss in the second quarter of this year, compared to a net profit during the same quarter of last year, according to the bank’s financial results.

With a big portion of its massive restructuring costs already digested in the second quarter results, the German lender’s net loss came in at EUR 3.15 billion ($3.52 billion) in Q2-19, compared with a net profit of EUR 401 million in Q2-18.

Earlier this month, Deutsche Bank, which is Germany's biggest bank by assets, announced that it took the first step in its plan to wind down its global equities business, and axe 18,000 jobs by 2022.

“We have already taken significant steps to implement our strategy to transform Deutsche Bank,” the bank’s CEO Christian Sewing said.

The rejigging costs were reportedly estimated at EUR 5.6 billion, according to a Reuters report earlier in the month.

Deutsche Bank’s net revenues came in at EUR 6.20 billion in the period between April and June, dropping by 6% year-on-year from EUR 6.59 billion in the corresponding period of the prior year.

On an adjusted basis, revenues in the corporate and investment banking business and private and commercial banking operations flattened during the second quarter at EUR 2.85 billion and EUR 2.46 billion, respectively.

Asset management division generated EUR 593 million, during the three-month period ended last June, versus EUR 561 million in the same period of the previous year.