May 4, 2020 / 3:03 PM / a month ago

DWS expects tough second quarter, hopes for normalisation in second half - Handelsblatt

FILE PHOTO: The logo of Deutsche Bank's asset management unit DWS is pictured at the Frankfurt Stock Exchange, Germany March 23, 2018. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - The CEO of DWS (DWSG.DE), the asset manager mostly owned by Deutsche Bank, expects the second quarter to be tough but sees some recovery in the third and fourth quarters if economic activity gradually returns to normal, Handelsblatt reported.

“The full extent of the decline in earnings will show itself across the entire sector in the second quarter,” the German business daily cited Asoka Woehrmann as saying, adding that if the economic situation normalised, “then we’ll at least move towards normality in the third and fourth quarters.”

Reporting by Michelle Martin; editing by Thomas Seythal

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