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Business

Deutsche Bank faces huge annual loss

Deutsche Bank has said it will likely post a huge loss of billions of euros for 2015. Presenting estimated figures, Germany's largest lender added that the poor result was mostly due to litigation costs.

Deutsche announced Wednesday it would likely log a net loss of 6.7 billion euros ($7.3 billion) for the whole of last year.

The lender said the huge loss was due to restructuring charges and money set aside to cover legal costs.

Deutsche Bank is currently embroiled in some 6,000 lawsuits over

allegations of money laundering and interest rate rigging.
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The bank added that challenging market conditions in the fourth quarter of 2015 contributed to weak revenue, particularly at the investment banking unit.

Deutsche said full-year revenue would likely be around 33.5 billion euros.

"The full-year results include previously disclosed impairments taken in the third quarter of 5.8 billion euros of goodwill and intangibles," it said in a statement.

Deutsche Bank plans to provide more details on January 28.

hg/jd (AFP, dpa)

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