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Deutsche Bank expects quarterly losses of $4bn

Deutsche Bank announced today that it expects first quarter losses to reach $4 billion (euro2.5 billion) due to "significantly more challenging" present market conditions.

This is the first time that Germany's largest bank has acknowledged the losses, and it warned that it had been hit harder than expected by financial turbulence.

Conditions in financial markets, alongside the crisis in the US sub-prime mortgage have reportedly contributed to this loss.

"Deutsche Bank anticipates in the first quarter 2008 markdowns in the region of euro2.5 billion, related to leveraged loans and loan commitments, commercial real estate and residential mortgage-backed securities," the bank said in a statement.

Despite this announcement, the bank expects to stay on course for the remainder of 2008.

Its full earnings will be published on 26th April, and an address from chief executive Josef Ackermann is scheduled in London later today.