The stock market turmoil as a result of the corona pandemic has led to a jump in profits at Lang & Schwarz. The Düsseldorf-based financial services provider was able to benefit from high stock exchange turnover and the strongly fluctuating prices. The bottom line is that Lang & Schwarz achieved a profit increase from EUR 0.45 million to EUR 5.7 million in the first quarter of 2020. The company reports an increase of 4.1 million euros to 14.7 million euros in earnings from the business activity, which consists of the interest result plus commission result and trading result – the sum is “twice as high as the previous record result of the business activity of the first quarter of 2018, ”the company said on Thursday.
“In particular, with the significant increase in volatility on the stock exchanges in the wake of the corona virus crisis, trading activities for both our over-the-counter trading offer and the LS-X saw extraordinary growth in the first quarter,” says CEO André Bütow. “We benefited significantly from this development and were able to raise our trading result to a new level,” said the manager.
In addition, the company decided to close the Financial Services division at Lang & Schwarz Broker GmbH on June 30, 2020. They wanted to “focus on the profitable business areas of exchange and over-the-counter market making in the TradeCenter and the launch of their own products”, said Bütow.
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