John Cryan didn’t have much in the way of good news today as Deutsche Bank AG reported a fall in revenue and an increase in expenses in the fourth quarter. But the Frankfurt-based lender’s chief executive officer did say one key piece of his restructuring project is hitting some milestones: the unprecedented overhaul of its information technology systems.
“We’re well on our way to transforming the company into one driven by technology, and here, we’ve made reasonable progress,” Cryan said in a call with analysts this morning.
In October 2015, Cryan vowed to untangle the spaghetti ball of its operating systems and scores of applications and platforms that had built up over the years. Deutsche Bank stockholders have zeroed in on the push because convoluted technology practices have made it harder for the bank to measure risk and to reduce costs.
This morning, Cryan said the bank had shut many of its 33 core operating systems, but still had a lot of work to do to reach the target of four. Cryan added that the bank’s IT reorganization effort, led by Chief Operating Officer Kim Hammonds, had also shut down the number of "intersystem reconciliation" programs, which help process financial transactions, by 40 percent. There again, he said, the bank needed to make further reductions to achieve its target of 300 systems by 2020.
Hot Financial Stocks For 2018: Home Federal Bancorp Inc.(HOME)
- [By Logan Wallace]
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Real Money columnist Robert Lang says that while retail “has certainly had its challenges over the past couple of years, between difficulties in the mall and then the big gorilla in the room, Action Alerts PLUS holding Amazon (AMZN) …there are a handful of names that continue to perform well, one of those is At Home Group (HOME) .
Hot Financial Stocks For 2018: BofI Holding Inc.(BOFI)
- [By Peter Graham]
Small cap diversified financial services stock BofI Holding (NASDAQ: BOFI) has elevated short interest of 36.43% according to Highshortinterest.com. BofI Holding is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $8.6 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding is a component of the Russell 2000 Index, the S&P SmallCap 600 Index, and the KBW Nasdaq Financial Technology Index. Bank of Internet USA is the oldest and most trusted FDIC-insured internet bank in America and is a division of BofI Federal Bank. It was one of the first banks to offer banking services exclusively online.
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Bank of Internet (BOFI) : “I would hold that. I do like the major banks more right here.”
Melco Resorts (MLCO) : “No, no, I like MGM Resorts (MGM) .”
- [By Jordan Wathen, Dan Caplinger, and Sean Williams]
Below, three Fool.com investors make the case for adding shares of Fifth Third Bancorp (NASDAQ:FITB), BofI Holding(NASDAQ:BOFI), and Deutsche Bank (NYSE:DB) to your portfolio.
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In the Lightning Round, Cramer was bullish on Bank of Internet (BOFI) , MGM Resorts (MGM) , Verizon (VZ) , Chipotle Mexican Grill (CMG) , Oracle (ORCL) , Salesforce.com (CRM) , PayPal (PYPL) , Raytheon (RTN) and McDonald’s (MCD) .
Hot Financial Stocks For 2018: American International Group Inc.(AIG)
- [By Logan Wallace]
Sentry Investment Management LLC lessened its holdings in American International Group (NYSE:AIG) by 8.6% during the first quarter, HoldingsChannel reports. The firm owned 64,968 shares of the insurance provider’s stock after selling 6,147 shares during the quarter. Sentry Investment Management LLC’s holdings in American International Group were worth $3,536,000 at the end of the most recent reporting period.
- [By Lisa Levin]
Heat Biologics, Inc. (NASDAQ: HTBX) shares tumbled 48.59 percent to close at $1.275 on Thursday after the company priced its $18,000,000 public offering.
InVivo Therapeutics Holdings Corp. (NASDAQ: NVIV) fell 38.77 percent to close at $8.26 on Thursday.
Check-Cap Ltd. (NASDAQ: CHEK) shares tumbled 27.43 percent to close at $8.81.
Achaogen, Inc. (NASDAQ: AKAO) dropped 24.76 percent to close at $11.06 in reaction to a disappointing update from an FDA AdCom panel. The FDA panel voted favorably for the company's Plazcomicin for treatment of adults with complicated urinary tract infections, but also voted against the therapy to be used as a treatment for bloodstream infections.
Anika Therapeutics, Inc. (NASDAQ: ANIK) shares declined 24.68 percent to close at $34.80 after the company posted downbeat quarterly results.
LSC Communications, Inc. (NASDAQ: LKSD) shares fell 24.22 percent to close at $12.64 following wider-than-expected Q1 loss.
Cardinal Health, Inc. (NYSE: CAH) fell 21.42 percent to close at $50.80 following downbeat quarterly profit.
Horizon Global Corporation (NYSE: HZN) dropped 20.42 percent to close at $6.00 following downbeat quarterly earnings.
Hornbeck Offshore Services, Inc. (NYSE: HOS) slipped 20.11 percent to close at $2.90 following wider-than-expected Q1 loss.
Esperion Therapeutics, Inc. (NASDAQ: ESPR) fell 19.28 percent to close at $36.93. Esperion Therapeutics stock lost roughly a third of its value Wednesday after the company reported mixed Phase III results for its leading drug candidate, bempedoic acid. JP Morgan downgraded Esperion Therapeutics from Neutral to Underweight.
Laredo Petroleum, Inc. (NYSE: LPI) declined 17.77 percent to close at $8.98 after the company reported weaker-than-expected Q1 earnings.
The Habit Restaurants, Inc. (NASDAQ: HABT) dipped 16.1 percent to close at $8.60 after the company reported downbeat quarterly results.
Arcadia Biosciences, Inc. (N
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Insurance company American International Group Inc. (AIG) stock fell 5.3% as harsh winter weather weighed on profits. But the company’s long-term care exposure is relatively minimal.
Hot Financial Stocks For 2018: Digital Realty Trust Inc.(DLR)
- [By Matthew Frankel]
This has created some pretty compelling bargains in the real-estate sector. One in particular that I bought more of recently was 3.8%-yielding Digital Realty Trust (NYSE:DLR), which in late February dipped below $100 per share for the first time since 2016 after weak results from a competitor spooked investors and caused all data-center REITs to plunge.