Deutsche Bank posts $2.9bn Q4 loss

1 February 2013

Deutsche Bank experienced a significant loss during the fourth quarter of 2012 as it continued the process of restructuring in the aftermath of the global economic downturn.

Data released by the major European financier yesterday (31 January) showed that its losses totalled €2.2 billion ($2.9 billion) throughout the period between October and December last year - a marked slump on the €0.2 billion profit posted in the same three-month timeframe in 2011.

The bank attributed this figure primarily to the fact it decided to write off bad investments worth some €1.9 billion as part of the drive to streamline its operations by withdrawing from many non-core businesses.

Meanwhile, the company has also set aside around €1 billion as a budget to deal with potential litigation costs it could incur from issues such as the Libor manipulation scandal.

However, co-chairmen Jurgen Fitschen and Anshu Jain insisted Deutsche Bank's Strategy 2015+ restructuring programme launched last September is proving successful.

By Gary Cooper

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