Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, and asset management products and services to private individuals, corporate entities, and institutional clients in Germany, the United Kingdom, rest of Europe, the Middle East, Africa, the Americas, and the Asia-Pacific. It operates through Corporate Bank, Investment Bank, Private Bank, and Asset Management segments. The Corporate Bank segment offers cash management, trade finance and lending, trust and agency, and securities services, as well as risk management solutions. The Investment Bank segment provides debt origination, merger and acquisitions, foreign exchange, and equity advisory and origination platform services. The Private Bank segment offers payment and account services, and credit and deposit products, as well as investment advice products, such as environmental, social, and governance products. This segment also provides banking, wealth management, other financial, and postal and parcel services; and supports in planning, managing and investing wealth, financing personal and business interests, and servicing institutional and corporate needs. The Asset Management segment offers investment solutions, such as alternative investments, which include real estate, infrastructure, liquid real assets, and sustainable investments; and various other services, including insurance and pension solutions, asset liability management, portfolio management solutions, and asset allocation advisory to individuals and institutions. Deutsche Bank Aktiengesellschaft was founded in 1870 and is headquartered in Frankfurt am Main, Germany.

Deutsche Bank looks undervalued across several valuation multiples, but the quality of earnings and balance sheet resilience do not yet justify an aggressive upward re-rating. P/E, P/B, P/S, and especially P/FCF are noticeably below the industry median, which usually supports the case for a sector discount and limits the risk of a sharp downside revaluation. At the same time, the year-by-year dynamics of P/B and P/FCF have been volatile, while the current P/B level of around 0.55 suggests that the market remains cautious about the sustainability of capital and earnings. Profitability remains weaker than the industry: ROE, ROA, ROI, and return on tangible equity are below the median, although over the years they appear relatively stable without any clear deterioration. Profit margin and operating margin are also below the sector, but the trend in gross margin, operating margin, and net profit margin is more stable than deteriorating, which softens the negative picture. TTM EPS is below the industry median, but forward EPS is above the median, indicating expectations of earnings improvement and partially offsetting current weakness. Dividend yield has risen to 3.11%, which supports the investment appeal for income strategies, although it does not fully offset the weak return on capital. The balance sheet picture is mixed: cash on hand and net worth are large in absolute terms, but the quick ratio is zero, the current ratio is below one, and debt/equity is significantly above the industry median, increasing financial risk. Long-term debt remains high and has barely declined, while total liabilities are rising along with assets, so leverage cannot be considered comfortable. On the other hand, revenue, operating profit, and net income in TTM have increased, and assets and equity are also growing, confirming the scale of the business and its ability to generate profit. Overall, the fundamentals support a moderate discount to the current valuation rather than meaningful upside, because the market is already pricing in earnings improvement but still embeds elevated capital and liquidity risks. For an investor, this is a story with decent yield and low multiples, but limited re-rating potential without stronger ROE growth and lower debt burden.

BYN-12.26

Deutsche Bank AG

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Средний индекс, значительно вырос. Рынок на стороне быков.

Medium index, significantly up. The market is on the bulls' side.

Слабый индекс, незначительно вырос. Приток средств в лонги остается на невысоком уровне.

Weak index, slightly up. The inflow of funds into longs remains at a low level.

Low multiples and earnings growth support DB, but weak ROA/ROE, high leverage, and low liquidity limit revaluation potential.

Deutsche Bank DB is making steady progress toward its 2028 financial goals, with improving momentum in Wealth Management and Corporate Bank business strengthening its earnings outlook. A more diversified revenue mix, resilient net interest income (NII) and continued cost-containment actions could provide additional support over the next couple of years.
At the Bank of America Financials CEO Conference this week, CFO Raja Akram reiterated confidence in the bank’s strategic trajectory. Deutsche Bank is targeting a return on tangible equity of more than 13% by 2028, revenues of roughly €37 billion and a cost/income ratio below 60%.
Recent results suggest that the bank is moving in the right direction. From 2022 to second-quarter revenues increased 28% to €8.5 billion.
Revenues Growth Trend
Image Source: Deutsche Bank
Wealth Management business is emerging as an important growth engine. Revenues in the business increased nearly 8% in the first half of 2026, while it attracted roughly €60 billion in net new assets in the first half of 2026. Continued asset inflows should support fee income and strengthen Deutsche Bank’s recurring revenue base. Corporate Bank is also gaining traction. Management expects the segment to exit 2026 with mid-single-digit or slightly higher revenue growth, backed by loan growth, deposits and improving client activity. In the first half, Corporate Bank loans increased by €8 billion from the year-ago quarter.
The growing contribution from these businesses is also helping Deutsche Bank reduce its dependence on the Investment Bank, with roughly 60% of revenues now generated outside that unit. NII remains another potential tailwind. Management expects 2026 NII from its core banking-book businesses and other funding to slightly exceed its €14-billion guidance. Structural hedge repricing could provide further benefits in 2027 and 2028.
Meanwhile, cost efficiency remains central to the profitability story. Deutsche Bank is targeting at least €2 billion in operating efficiencies by 2028, while management sees scope for additional improvement in the structural cost base.
Overall, Deutsche Bank’s improving business mix, Wealth Management inflows, Corporate Bank momentum and cost initiatives reinforce the case for continued earnings improvement. If execution remains on track, these businesses could play a bigger role in helping the bank achieve its 2028 profitability targets and support further upside in its operating performance.
Other Financial Firms Financial Targets
Wells Fargo & Company WFC is aiming for a 17-18% return on tangible common equity (ROTCE) over the medium term, up from the earlier target of 15%. This move underscores the company’s growing confidence in its profitability outlook as it transitions from years of regulatory remediation to a renewed focus on sustainable growth.
Meanwhile, Citigroup, Inc. C is advancing its multi-year strategy to streamline operations and focus on its core businesses. Aligned with its goal of achieving leaner operations, Citigroup has overhauled its operating model and leadership structure, reduced bureaucracy and complexity, while enhancing efficiency.
Citigroup expects revenues to witness a 4-5% compounded annual growth rate (CAGR) through 2026. The company also anticipates achieving $2-2.5 billion in annualized run-rate savings by 2026, reflecting the tangible benefits of its simplification and efficiency initiatives. ROTCE is expected to be 10-11% by 2026.
DB’s Price Performance & Zacks Rank
Over the past six months, shares of Deutsche Bank have gained 22.9% on the NYSE compared with the industry’s growth of 22.7%.
Price Performance
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).

DB's 2028 Targets Gain Traction: What's Driving Growth Momentum?

Deutsche Bank DB shares lost 4.5% in yesterday’s trading session after CFO Raja Akram provided an update on the Investment Bank’s (IB) third-quarter revenue outlook. Speaking at the Bank of America 31st Annual Financials CEO Conference, Akram said that IB revenues could be flat to slightly lower year over year, depending on activity during the final days of the quarter.
The cautious outlook comes against a strong third-quarter 2025 comparison, when IB’s revenues jumped 18% year over year, driven by strong Fixed Income & Currencies (FIC) performance and robust credit trading.
In the current quarter, FIC activity was healthy in July before slowing seasonally in August, while September trends have been mixed, with credit trading below the year-ago level. Nevertheless, activity remains steady across other businesses, with most FIC products performing well while deal activity in mergers and acquisitions, equity offerings and debt issuance has remained strong.
Apart from IB guidance, management also updated its net interest income (NII) outlook for 2026. NII is now expected to be slightly above its previously provided outlook of nearly €14 billion. Looking ahead, structural hedges are expected to make a more meaningful contribution to NII in 2027 and 2028 as existing hedges mature and are replaced at higher rates, increasing the income generated by the hedge portfolio.
Expectations for Other Banks’ IB Performance in Q3
Goldman Sachs GS and Bank of America BAC have offered mixed third-quarter 2026 IB outlooks.
At the Barclays 24th Annual Global Financial Services Conference, Goldman Sachs CEO David Solomon said that investment-banking activity remained solid, supported by healthy advisory and capital-markets activity. While softer fixed-income, currencies and commodities activity could weigh on third-quarter Markets revenues, equity trading remained very strong.
At the same conference, Bank of America highlighted a weaker IB performance in the third quarter. CEO Brian Moynihan projects IB fees of $1.6-$1.8 billion compared with $2 billion in the year-ago quarter, implying a decline of about 15% at the midpoint. Trading revenues are expected to remain roughly flat year over year, reflecting slower financing and prime-brokerage activity.
DB’s Price Performance & Zacks Rank
Over the past six months, shares of Deutsche Bank have gained 23.9% compared with the industry’s growth of 24.6%.
Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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DB Stock Dips 4.5% on Soft Q3 IB Revenue Signal, Ups 2026 NII View

Citigroup, Inc.’s C long-running exit from Banamex is moving closer to a milestone. Speaking at the Barclays 24th Annual Global Financial Services Conference, Citigroup’s CFO Gonzalo Luchetti said that the company owns roughly 51% of the Mexican banking business after completing the latest stake sale. The bank does not expect further transactions for the remainder of 2026 and anticipates deconsolidating Banamex in early 2027 once its ownership falls below 50%. A potential IPO could follow, depending on market conditions, timing and valuation.
However, the next phase comes with a sizable accounting impact. At the Barclays conference, Luchetti noted that Banamex’s deconsolidation is expected to result in roughly $9 billion in currency translation adjustment (CTA) losses flowing through Citigroup’s income statement.
At first glance, the $9-billion figure appears significant and could sharply weigh on C’s reported earnings and profitability metrics in the period of recognition. Yet, the impacts are largely accounting-related rather than a fresh economic loss. Management noted that the deconsolidation-related charge should have no cumulative impact on regulatory capital or tangible common equity, reducing concerns about a corresponding deterioration in C’s underlying capital position.
Thus, investors may focus more on the pace of Citigroup’s remaining Banamex stake reductions, the valuation achieved through subsequent transactions and the timing of a possible IPO than on the accounting charge itself. More broadly, the Banamex exit remains an important component of C’s multi-year simplification strategy. The bank has spent several years reducing its exposure to international consumer banking markets as management seeks to simplify operations, improve efficiency and sharpen its focus on core institutional and wealth-management businesses.
Completing the Banamex separation should further streamline C’s business mix and could eventually free up capital and risk-weighted assets associated with the Mexican operations. The $9-billion CTA loss will likely create considerable earnings noise around deconsolidation, but its limited cumulative regulatory capital impact suggests that it should not materially alter the underlying investment case by itself.
Divestiture Moves by Other Financial Firms
In June, Deutsche Bank AG DB entered a definitive agreement to sell its retail banking, affluent private banking, and wealth management business in India to Kotak Mahindra Bank. The divestiture supports Deutsche Bank AG’s broader Global Hausbank strategy, announced in November 2025, focused on simplifying operations, disciplined capital allocation and investing in businesses with greater scale and competitive advantages. The transaction reflects Deutsche Bank AG’s continued focus on streamlining its operations.
Similarly, Northern Trust NTRS agreed to sell its guardianship services business to Wintrust Financial Corporation’s subsidiary, Wintrust Private Trust Company. The transaction supports Northern Trust’s strategy of strengthening its core wealth management, asset servicing and asset management businesses while streamlining operations. This divestiture aligns with Northern Trust’s focus on long-term growth opportunities.
Citigroup’s Price Performance, Valuation & Estimates
In the past six months, C shares have gained 26.4% compared with the industry’s 22.5% growth.
Price Performance
From a valuation standpoint, Citigroup trades at a forward price-to-earnings (P/E) ratio of 10.94X, below the industry’s average of 13.75X.
Price-to-Earnings F12M
The Zacks Consensus Estimate for C’s 2026 and 2027 earnings implies year-over-year increases of 40.5% and 15.6%, respectively. The 2026 and 2027 estimates have remained unchanged over the past month.
Estimate Revision Trend
Currently, Citigroup carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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C's Banamex Exit Nears Deconsolidation: Is $9B Charge Concerning?

Key Points
Company performance metrics and football could become massive prediction categories.
Robinhood is well placed to profit from both.
Shares of Robinhood Markets (NASDAQ: HOOD) popped on Thursday after analysts highlighted the potential of new prediction markets to drive the trading app's expansion.
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Betting on a company's performance
Investors already view prediction markets as a key growth opportunity for Robinhood. But Deutsche Bank analyst Brian Bedell has a new take.
Bedell predicts that contracts for businesses' financial key performance indicators (KPIs) will become the largest event-contract category within prediction markets.
"For the U.S., we believe company KPI contract volume could surpass 1 trillion in 2028 from virtually nothing today, exceeding sports volumes, even in any positive SCOTUS [Supreme Court of the United States] ruling in favor of national regulation," Bedell said.
Bedell believes Robinhood is one of the companies best positioned to profit from this high-potential new trading market.
Profiting from America's favorite sport
Bedell isn't the only one who's getting more positive on Robinhood's prospects. Piper Sandler analyst Patrick Moley thinks football will be another powerful growth driver for Robinhood's prediction market revenue.
Moley points to the "explosive" gains driven by the World Cup as a sign of what's to come in the U.S. during the NFL and NCAA football seasons. He expects the impact to be visible in Robinhood's upcoming third- and fourth-quarter results.
In turn, Moley sees Robinhood's share price rising roughly 16% to $145.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why Robinhood Stock Rocketed Higher Today

Key Points
SiriusXM received an analyst upgrade today.
The analyst believes the impact from Sirius' YouTube partnership is being underrated.
Net subscribers were positive last quarter, suggesting a stabilization in the declining trends since the end of Covid.
Shares of Sirius XM Holdings (NASDAQ: SIRI) were rallying on Wednesday, up as much as 7.9% before retreating to a 7.5% gain on the day.
Sirius received a bullish sell-side analyst note on the company's digital advertising opportunity, and the stock responded accordingly.
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Is a turnaround taking shape?
Today, Deutsche Bank analyst Bryan Kraft upgraded Sirius shares from "Hold" to "Buy" and raised his price target to $45, up from $31. Kraft believes that investors aren't appreciating Sirius' digital advertising opportunity,
Sirius is on track to become YouTube's exclusive digital audio advertising partner this Fall for audio-focused YouTube content, following the two companies' April agreement. Under the terms of the partnership, YouTube is opening its audio-focused inventory to SiriusXM Media, Sirius' "sell-side" digital advertising solutions platform, enabling ad buyers of SiriusXM inventory to seamlessly buy YouTube ads on YouTube's audio-oriented content, such as podcasts.
This may seem like YouTube is bailing out SiriusXM, as SiriusXM's subscriber count has declined in recent years while YouTube has posted healthy growth. However, SiriusXM's subscriber base may also skew toward higher-income households, and that cohort of devoted listeners is likely to be coveted by advertisers. So, it's no surprise to see YouTube partnering with Sirius on the initiative.
Sirius' ad revenue grew 5.1% last quarter, well above the flattish subscriber growth, marking an acceleration relative to prior quarters. Keep in mind, this is really before the YouTube partnership has even begun to show up meaningfully in financial results. That's why Kraft believes consensus estimates appear to be "completely disregarding" that likely growth in the quarters ahead.
Sirius still looks like a cheap stock today
At roughly $29.70 as of this writing, Sirius' market cap is about $10 billion. Meanwhile, the company just raised its free cash flow guidance for this year by $25 million to $1.375 billion. That means the stock still trades at roughly 7.3 times this year's free cash flow guidance.
That's a pretty low valuation for a subscription-based company with a smaller yet accelerating ad business, even with another $9.4 billion in debt on the balance sheet.
In other words, Kraft's new price target, as big an increase as it is, doesn't seem implausible. Investors are understandably skeptical about the sustainability of growth, given that Sirius subscribers have been in decline since the end of COVID. But if the new growth can be sustained with the YouTube partnership kicking in soon, Sirius still looks cheap, even after an impressive 49% year-to-date gain.
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Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community. Reaching millions of people each month through its website, books, newspaper column, radio show, television appearances, and subscription newsletter services, The Motley Fool champions shareholder values and advocates tirelessly for the individual investor. The company's name was taken from Shakespeare, whose wise fools both instructed and amused, and could speak the truth to the king -- without getting their heads lopped off.

Why Sirius XM Holdings Rallied Today

KKR & Co. Inc.’s KKR planned $17-billion sale of USI Insurance Services (“USI”) to Aon plc offers investors a clear example of how the alternative asset manager can turn long-held private investments into sizable realized gains. Beyond the headline transaction value, the deal highlights KKR’s ability to identify scalable businesses, compound their value over several years and ultimately recycle the proceeds into new opportunities.
KKR entered USI in 2017, when the insurance brokerage was valued at $4.3 billion. Since then, USI has transformed into a significantly larger platform. Revenues have nearly tripled, while more than 90 acquisitions have broadened its geographic reach and capabilities. The company now employs more than 10,500 people across nearly 200 offices. Adjusted revenues and EBITDA saw compound annual rates of approximately 12% and 13%, respectively, underscoring the combination of organic expansion and acquisition-led growth achieved under KKR’s ownership.
The financial payoff is substantial. KKR expects the transaction to generate $3.3 billion of after-tax proceeds and $2 billion of adjusted net income, equivalent to more than $2 per share. The sale represents roughly six times KKR’s original equity investment and 3.4 times the total balance-sheet capital invested over USI’s holding period. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
The deal also provides an important read-through for KKR’s broader Strategic Holdings strategy. USI was KKR’s first core private-equity investment and became part of a portfolio designed to hold high-quality businesses for longer periods. Unlike traditional private-equity funds, where KKR primarily earns management fees and carried interest, Strategic Holdings allows the company to participate directly in the appreciation of investments through its own balance sheet.
The sizable cash proceeds enhance KKR’s ability to recycle capital into new investments and pursue opportunities with potentially higher prospective returns. This is particularly important for an alternative asset manager like KKR, as consistent realizations demonstrate that gains embedded in private investments can ultimately be converted into cash and earnings for shareholders.
Overall, the USI transaction strengthens the investment case for KKR by showcasing successful capital deployment, operational value creation and disciplined monetization. While the roughly $2-billion ANI contribution provides a meaningful near-term earnings boost, the bigger takeaway for investors is the repeatability of KKR’s model. Continued successful exits, alongside growth in fee-generating assets, could support earnings expansion and shareholder value over the long run.
Similar Steps Taken by Other Financial Firms
In June, Deutsche Bank AG DB entered a definitive agreement to sell its retail banking, affluent private banking and wealth management business in India to Kotak Mahindra Bank.
The divestiture aligns with DB's broader Global Hausbank strategy, announced in November 2025, which emphasizes simplifying operations, enabling disciplined capital allocation and concentrating investments in businesses with stronger scale and competitive advantages.
In July, Northern Trust Corporation NTRS agreed to sell its guardianship services business to Wintrust Financial Corporation's subsidiary, Wintrust Private Trust Company.
The divestiture aligns with NTRS's broader strategy of strengthening its core wealth management, asset servicing and asset management businesses while streamlining its portfolio and focusing investments on areas with stronger long-term growth potential.
KKR’s Price Performance & Zacks Rank
The company’s shares have gained 16.2% in the past three months compared with the industry’s 9.7% rise.
Currently, KKR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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KKR & Co. Inc. (KKR) : Free Stock Analysis Report

KKR's $17B USI Sale Unlocks Value: What Does it Mean for Investors?

Key Points
CEO Lip-Bu Tan Bought $12 million of Intel's $23 billion equity offering at $95 per share in early August.
CFO David Zinsner just gave a glimpse into what that money will be used for.
The news is massively bullish, and public investors can buy the stock even below that offering price today.
In early August, Intel (NASDAQ: INTC) raised $23 billion in equity at $95 per share, up from an initial target of $15 billion. In conjunction, CEO Lip-Bu Tan personally bought $12 million worth of stock as part of the offering.
Just one month before, on Intel's Julyearnings call CFO David Zinsner said Intel wouldn't raise more money unless it did "extremely well" in attracting demand for its foundry. After the capital raise at the recent Deutsche Bank Technology Conference on Aug. 26, Zinsner shed more light on how the new billions will be used.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The answers were tremendously bullish, making Intel's current stock price, which sits even below the recent offering price, look like a bargain.
Intel is filling its fabs as fast as it can
While there is a possibility that Intel will use $15 billion of the offering to buy out Brookfield Infrastructure Partners, which owns 49% of Intel's existing Arizona fabs, Zinsner hinted that the new funds will probably go toward new fabs. Zinsner pointed out that Intel must commit to buying a large amount of chipmaking equipment over the next few years, which will require a stronger financial backstop.
The details point to a massive amount of new capacity coming online. Intel will be expanding capacity at its existing Fab 34 in Ireland, which produces the Intel 3 node, along with Fab 52 in Arizona, which produces Intel's new 18A node. Intel is also finishing tooling up Fab 62, another massive Arizona fab next to 52 that will produce 18A variants and possibly 14A, Intel's next node.
But that's not all. At the conference, Zinsner also described how Intel will convert some of its Oregon facilities, which are typically research "pilot" lines, into higher-volume manufacturing lines to support 14A as soon as possible. In addition, Zinsner said Intel was moving as "fast as it could" to build out its Ohio fabs:
There is the ability to have eight mods, or there is two mods per fab, so four fabs in Ohio. Mod one is the one obviously we are working on right now. If we could make it go faster, we would. We are going as fast as we can to get that one ready.
It should be noted that before the agentic AI revolution took off, Intel had slowed the build-out of the Ohio fab system. In early 2025, Intel said it was delaying the opening of that fab until at least 2030, pushed back from an initial target of 2026. Well, today Intel is looking to bring that on "as fast as possible," probably in 2028 or 2029. That's quite a change in the span of a year.
Mods one and two will cost a reported $28 billion, which is roughly the same amount invested in Fabs 52 and 62 in Arizona. In other words, this is a massive amount of capacity in addition to Intel's near-term build.
Finally, Zinsner didn't mention Intel's Fab 38 in Israel, where construction was suspended in mid-2025. However, that Fab "shell" is already complete, and would probably be the fastest to market for producing chips outside of Fab 62. Some commentators have recently pointed to increased activity at the Israel fab and to a new site facility operator position that has been posted. That suggests Intel is also likely looking to equip Fab 38 with tools.
Keep in mind that Fab 34 in Ireland, where Intel makes Intel 3, and Fab 52, where 18A production is ongoing, aren't even at full capacity yet. So when you factor in Fab 62, the first two Ohio fabs, Israel Fab 38, and an expansion of its Oregon facility, Intel's internal capacity should increase severalfold over the next few years.
Given that last quarter's revenue was already over $16 billion, indicating a $65 billion annualized run rate, Intel's revenue could theoretically approach $200 billion over a few years if it fills all these fabs it is now accelerating.
Why is Intel so confident? 14A looks massive
It should be noted that when he took on the role of CEO in early 2025, Lip-Bu Tan said he would slow down prior CEO Pat Gelsinger's aggressive capacity build-out and would only build capacity against committed demand. Intel even said in its Q2 2025 quarterly report that development of the upcoming 14A node wasn't guaranteed unless there was significant external demand.
While Intel hasn't officially announced it has landed external customer commitments for 14A, and likely won't due to customer confidentiality concerns, Zinsner basically admitted as much, noting:
Lip-Bu and the team are now meeting on a weekly basis with customers. They are moving away from just looking at data to thinking about, "Well, how much capacity can I get? What does that supply look like?" We are now at a point where we have conviction around customers on 14A externally...
Later on, Zinsner discussed Intel's innovative EMIB-T packaging, which may offer cost and performance advantages over Taiwan Semiconductor Manufacturing's (NYSE: TSM) CoWoS technology. Zinser noted Intel's packaging technology is leading to new opportunities to cross-sell customers to Intel's front-end foundry capabilities:
[Packaging] is a great on-ramp vehicle to show how we can perform not only from an innovation perspective, but also just the blocking and tackling of operationally, how we provide the parts, when we provide them, what our yields look like in high volume. All of those things get tested in advanced packaging, and we win customers there, and I think there is a great opportunity to cross-sell them on the front end as well. Quite honestly, we've already seen that show up even now.
Not only is Intel apparently winning significant external customer volume for its foundry, but its product team is also apparently bullish on 14A. Zinsner noted that under Tan, management let Intel's internal product team choose its foundry, whether Intel's processes or TSMC's. Zinsner said that even though Intel's internal team is "probably the most cynical bunch out of anybody," it has also committed to designing high-volume products on 14A.
Pat Gelsinger's vision is proving out
It should be noted that former CEO Pat Gelsinger had committed to a massive number of cutting-edge fabs back in 2021 when demand for computing was super-high during the COVID-19 pandemic. The subsequent post-COVID downturn made those bets look ill-timed, as Intel lacked the internal financial resources to complete the ambitious plan.
However, with the agentic AI revolution sweeping the tech industry, Gelsinger's vision now looks prescient. Meanwhile, under Tan, Intel appears to have proven out its manufacturing capabilities and positioned itself as a worthy manufacturing vendor to chipmakers.
The 14A node, now set for high-volume manufacturing in 2028, could mark a pivotal moment. Keep in mind that Gelsinger initially envisioned meeting TSMC competitively on the 18A node, then surpassing it on 14A. 14A will make heavier use of high-NA EUV lithography, in which Intel is a first mover, and it will use Intel's second-generation backside power technology. TSMC hasn't yet introduced those chipmaking innovations into its processes.
At the Deutsche Bank conference, Zinsner also noted that 14A development is "doing better than any of the previous nodes in terms of how quickly we're bringing down the defects." He later added, "We haven't seen this performance since 22 nanometer, which is arguably one of the best nodes Intel's ever put out."
Of note, the 22nm process node came out in 2012, back when Intel was the dominant semiconductor manufacturer and multiple generations ahead of competitors in process technology, before it lost its lead to TSMC during the extreme ultraviolet lithography (EUV) transition around 2019.
Many investors currently chalk up Intel's recent gains to "getting lucky" because traditional server CPUs are in such high demand to serve agentic AI, and that its products aren't really competitive with rivals. However, if Intel meets or exceeds TSMC in process technology with 14A, it should be perceived in an entirely new light. From the looks of the recent capital raise, Tan's insider buy, and Zinsner's commentary, it appears management believes that change is imminent.
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CEO Lip-Bu Tan Just Gave 12 Million Reasons to Buy Intel Stock

HSBC Holdings HSBC is accelerating the simplification of its global operations and recently announced two major transactions involving its retail banking businesses in Egypt and Australia. The moves reflect the lender’s strategy of withdrawing capital from operations where it lacks sufficient scale while retaining businesses that benefit from its international network and competitive strengths.
HSBC has agreed to sell its entire Egyptian retail banking business to Emirates NBD Egypt. The transaction includes retail loans, deposits and customer accounts, along with employees supporting the business. Subject to regulatory approvals, the deal is expected to close in the second half of 2027 and generate an estimated pre-tax gain of approximately $300 million. The impact on HSBC’s common equity tier 1 capital ratio is expected to be immaterial.
Despite the retail exit, HSBC will maintain its corporate and institutional banking operations in Egypt. The bank sees growth opportunities in supporting multinational companies, facilitating trade and investment flows and helping domestic wholesale clients expand internationally. The disposal followed a strategic review and is intended to concentrate resources on areas where HSBC possesses a stronger competitive advantage.
Separately, HSBC Australia agreed to sell an approximately A$36-billion, or $25-billion, portfolio of home and personal loans to an entity owned by Blackstone-managed funds. Pepper Money will service the loans after completion, which is expected in the first half of 2027, subject to regulatory and competition approvals. The portfolio disposal is expected to result in an immaterial loss of less than $100 million.
HSBC will also wind down the remainder of its Australian retail operation over 18 months. Its corporate and institutional banking, private banking and asset-management businesses will subsequently be consolidated into the HSBC Sydney Branch, simplifying the group’s legal-entity footprint. The process is expected to entail around $300 million of restructuring costs and write-offs.
Our Take on HSBC’s Streamlining Initiatives
These two transactions extend HSBC’s broader portfolio reshaping. This year, the company completed the privatization of Hang Seng Bank and divested its U.K. life insurance business, as well as its retail banking operations in South Africa and Sri Lanka. HSBC also reclassified its Malta business as held for sale and agreed to sell its Indonesian retail banking business and Singapore life and health insurance business.
HSBC is undertaking these steps to reduce complexity, improve cost efficiency and redirect capital and spending toward higher-return franchises, particularly Hong Kong, the U.K., globally connected corporate banking and international wealth. The company had actioned roughly $1.4 billion of its targeted $1.5 billion in annualized simplification savings by the first quarter of 2026 and plans to redeploy about $1.8 billion from non-strategic activities into priority growth areas.
These efforts should strengthen operating leverage, sharpen management accountability and support HSBC’s target of delivering a return on tangible equity of at least 17% through 2028.
This year, HSBC shares have gained 35.3%, outperforming the industry's growth of 18.3%.
YTD Price Performance
Image Source: Zacks Investment Research
At present, HSBC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Steps Taken by Other Banks
In July, Northern Trust Corporation NTRS agreed to sell its guardianship services business to Wintrust Financial Corporation's subsidiary, Wintrust Private Trust Company.
The divestiture aligns with NTRS' broader strategy of strengthening its core wealth management, asset servicing, and asset management businesses while streamlining its portfolio and focusing investments on areas with stronger long-term growth potential.
In June, Deutsche Bank AG DB entered into a definitive agreement to sell its retail banking, affluent private banking and wealth management business in India to Kotak Mahindra Bank.
The divestiture aligns with DB's broader Global Hausbank strategy, announced in November 2025, which emphasizes simplifying operations, enabling disciplined capital allocation and concentrating investments in businesses with stronger scale and competitive advantages.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why HSBC is Scaling Back Retail Banking in Egypt and Australia

Shares of HSBC Holdings HSBC have gained 2.2% since the announcement of the deal to divest its Singapore life and health insurance business to Germany-based Allianz SE for $2.09 billion last week. This marks another step in the bank’s ongoing strategy to streamline operations and sharpen its focus on its core wealth management and wholesale banking businesses in the Asia region.
The deal is expected to be completed in the first half of 2027, subject to consent from the Monetary Authority of Singapore. Upon completion, HSBC Bank (Singapore) and HSBC Life Singapore will enter into an exclusive 15-year bancassurance distribution agreement with Allianz. This will allow HSBC to continue offering the life and health insurance products to its retail banking and wealth management customers in Singapore.
This transaction is expected to generate a pre-tax gain of approximately $1.8 billion and increase its Common Equity Tier 1 (CET1) ratio by up to 15 basis points following the upstreaming of the distributable gain. HSBC will receive an upfront payment of $200 million from Allianz under the long-term distribution agreement, with additional variable consideration linked to performance.
The sale is a U-turn for HSBC. In 2022, it had acquired AXA Singapore to strengthen its insurance presence in the country. Nonetheless, this May, the company announced it was reviewing HSBC Life Singapore's insurance business, intending to focus on higher-growth operations.
Our Take on HSBC’s Asia Focus Strategy
The divestiture aligns with HSBC’s ongoing simplification and restructuring strategy, which focuses on streamlining its global operations, exiting non-core businesses, redeploying capital to higher-return opportunities, and strengthening its wealth management and wholesale banking franchises in Asia.
By adopting a capital-light bancassurance model in Singapore, the company will continue distributing insurance products without maintaining capital-intensive insurance manufacturing operations.
HSBC has narrowed its investment banking activities in the U.K., Europe and the United States while sharpening its focus on Asia and the Middle East. This year, the bank completed the privatization of Hang Seng Bank and divested its U.K. life insurance business, as well as its retail banking operations in South Africa and Sri Lanka.
HSBC also reclassified its Malta business as held for sale and agreed to sell its Indonesian retail banking business while strategic reviews of its retail operations in Australia, Turkey and Egypt remain underway.
Over the past three months, shares of HSBC have gained 16.4%, outperforming the industry's rally of 15.1%.
At present, HSBC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Similar Steps Taken by Other Financial Firms
In June, Deutsche Bank AG DB entered into a definitive agreement to sell its retail banking, affluent private banking and wealth management business in India to Kotak Mahindra Bank.
The divestiture aligns with DB's broader Global Hausbank strategy, announced in November 2025, which emphasizes simplifying operations, enabling disciplined capital allocation and concentrating investments in businesses with stronger scale and competitive advantages.
Earlier this month, Northern Trust Corporation NTRS agreed to sell its guardianship services business to Wintrust Financial Corporation's subsidiary, Wintrust Private Trust Company.
The divestiture aligns with NTRS' broader strategy of strengthening its core wealth management, asset servicing, and asset management businesses while streamlining its portfolio and focusing investments on areas with stronger long-term growth potential.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

HSBC to Divest Singapore Insurance Unit to Allianz for $2.09B

In trading on Tuesday, shares of Deutsche Bank AG (Symbol: DB) crossed above their 200 day moving average of $12.93, changing hands as high as $12.95 per share. Deutsche Bank AG shares are currently trading up about 5.6% on the day. The chart below shows the one year performance of DB shares, versus its 200 day moving average:
Looking at the chart above, DB's low point in its 52 week range is $9.46 per share, with $16.70 as the 52 week high point — that compares with a last trade of $12.95.
Click here to find out which 9 other stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Deutsche Bank AG

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