Jan
20
Deutsche Bank Announces $7 Billion Yearly Loss as Legal Issues Weigh on Results
ByFRANKFURT — In a surprise earnings announcement, Deutsche Bank on Wednesday reported a huge yearly loss of 6.7 billion euros ($7.3 billion) as the cost of past wrongdoing continued to weigh on its earnings.
The bank, which is Germany’s largest, said that it would deduct €1.2 billion from fourth-quarter profit because of legal issues. Including money allocated in previous quarters, the total set aside for litigation in 2015 is €5.2 billion, the bank said.
For the fourth quarter, the bank announced that it had a net loss of €2.1 billion, in contrast to a net profit of €441 million a year earlier…
Deutsche Bank Announces $7 Billion Yearly Loss as Legal Issues Weigh on Results
