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Deutsche Bank PB, Citi PB post disappointing FY23 earnings

Leading private banks in the US and Europe have, with a few notable exceptions, reported relatively weak earnings for FY23. While not quite the annus horribilis of 2022, behind the weaker-than-expected earnings is a nevertheless difficult year for private banks. Globally, markets were impacted by high inflation, quantitative tightening, geopolitical uncertainty, wars in Europe and the Middle East, and China’s stuttering…

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