REUTERS
Deutsche Bank expects to post a record full-year net loss of about EUR 6.7 billion ($7.3 billion) as writedowns, litigation charges and costs for its revamp continue to weigh on its business, Reuters reported.
After surprising markets in October with a record 6.2 billion third-quarter loss, Deutsche Bank said late on Wednesday that it expects its fourth-quarter loss to be about EUR 2.1 billion, according to Reuters.
New Chief Executive John Cryan, who took the helm in July, is aiming for a fresh start but the bank remains heavily dependent on volatile trading income. That business was hit hard by challenging market conditions that undercut revenue in the fourth quarter, according to the report.
As earlier reported, U.S. and British authorities fined Deutsche Bank $2.5 billion for its role in a vast multi-year conspiracy to rig LIBOR interest rates.
Read alsoDeutsche Bank detects a total of $10 billion in suspicious Russian transactionsThe case centres on charges that Deutsche Bank derivatives traders manipulated the London InterBank Offered Rate, used to peg millions of interest rate-sensitive contracts and loans around the world, from at least 2003-2011 to boost their trading positions.
In late May, the German lender launched an internal investigation into Russian securities trades.