James Woolcock

The German lender now expects profits of at least €3.4 billion, an increase of €200 million on its previous forecast.

It also sets out new mid-term targets, including staff reductions that it says will help double profit by 2030 and deliver a net return on tangible equity of around 21%.

The update comes as Bettina Orlopp steps up her defence against a hostile takeover attempt by Unicredit.

That's news when you want it.

With Bloomberg News Now, I'm James Walcock.

The hope starts in May.

Last year, first quarter GDP came in at 0.7%.

That's a remarkably high figure for Britain's ailing economy, spawning articles about a UK economic turnaround.

Then growth fell to practically zero in the third and fourth quarter, dashing those hopes.

The same pattern has repeated for the last three years, and now both the Bank of England and private forecasters are starting to doubt the data.

One culprit may be seasonality.

The suspicion is that the Office for National Statistics is struggling to adjust for shifts in spending habits after the pandemic.

The ONS told Bloomberg it will start publishing non-seasonally adjusted GDP figures next week.

But it means the central bank goes into a potential oil supply shock, doubting if growth really is getting better.

In London, James Woolcock, Bloomberg Radio.

The hope starts in May.

Last year, first quarter GDP came in at 0.7%.

That's a remarkably high figure for Britain's ailing economy, spawning articles about a UK economic turnaround.

Then growth fell to practically zero in the third and fourth quarter, dashing those hopes.

The same pattern has repeated for the last three years, and now both the Bank of England and private forecasters are starting to doubt the data.