Deutsche Bank Sees Quarterly Loss on Legal, Overhaul Costs
- `Challenging market conditions' hurt investment-bank earnings
- Cryan: `We expect the next two years to consist of hard work'
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Deutsche Bank AG, Germany’s biggest lender, expects to post a 2.1 billion-euro ($2.3 billion) loss for the fourth quarter after setting aside more money for legal matters and taking a restructuring charge. The stock is at the lowest since 2009.
About 1.2 billion euros were earmarked for litigation and 800 million euros for restructuring and severance costs, mainly in the private and business clients division, the Frankfurt-based firm said Wednesday in a statement. “Challenging market conditions” also hurt earnings at the investment bank during the quarter, cutting group revenue to about 6.6 billion euros, it said. The bank had reported 7.8 billion euros of net revenue a year earlier.