Deutsche Bank Expected to Post Loss for Q4 as Legal Charges and Restructuring Costs Increase
The biggest bank of Germany, Deutsche Bank AG, is expected to post a loss of 2.1 billion-euro for Q4 as it set aside more amount of money to settle legal costs and a restructuring charge.
Deutsche Bank said the full year revenue is expected to be close to 33.5 billion euros. The net loss for the period is expected to be
6.7 billion euros. The results take into account the earlier disclosed impairments which were noted in Q3 including full-year litigation charges of approximately 5.2 billion euros as well as restructuring and severance charges of 1 billion euros.
Reportedly, Deutsche Bank has spent huge amounts as expense paying fines and as litigation fees since the beginning of 2008. The bank spent more than any other financial firm in Europe for litigations. In the Q4, the firm's legal costs surpassed the estimate by a Macquarie Group Ltd. analyst, of 750 million euro.
John Cryan , the lenders new Chief Executive took helm in July and has a major task in hand to overhaul Deutsche. Although he aims at a fresh start but the bank still continues to be greatly dependent on its volatile trading income. Challenging market conditions in recent times have affected that business of the bank and that also chipped away revenue in Q4.
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