Historic loss for Deutsche Bank
Thursday 5th February 2009, 10:05AM GMT.
Deutsche Bank has announced an annual loss for the first time in its post-second world war reform history.
The bank said it made a net loss of €3.9 billion (£3.47 billion) last year, including losses of €4.8 billion (£4.27 billion) after taxes in the final quarter.
It is the first loss for the Frankfurt-based bank since it was merged into its current form in the late 1950s.
Deutsche chairman Josef Ackermann said the “completely unprecedented” market turbulence was to blame for the losses.
“We have significantly reduced certain legacy exposures and trading assets, and we have adjusted costs in businesses most directly affected by market turbulence,” he said.
“We are convinced that Deutsche Bank will emerge successfully from the current crisis.”
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