FRANKFURT (dpa-AFX) - Deutsche Bank (DB) said it expects to post a loss for the fourth quarter, with significant charges contributing to the red ink. This follows massive charges taken in the third quarter, as the banking giant looks like it will post a full-year loss of more than 6 billion euros.
The company also said it saw a decline in fourth-quarter revenues compared to last year. Deutsche Bank blamed challenging market conditions for the weaker top line, especially in its Corporate Banking & Securities unit.
In total, the bank expects to post a net loss for the full year of about EUR 6.7 billion. Excluding income taxes, this loss will total EUR 6.1 billion.
The company said the loss in the fourth quarter will likely come to EUR 2.7 billion before income taxes. Net loss is predicted to be EUR 2.1 billion for the quarter.
The bottom line will be weighed down by litigation charges of about EUR 1.2 billion. Another EUR 0.8 billion in charges stem from restructuring and severance expenses. These relate to changes made to its Private & Business Clients segment.
Revenues for the full year are projected to be EUR 33.5 billion, the company said. Fourth-quarter revenues are estimated to fall to EUR 6.6 billion.
The full-year results also include impairments that have already been taken in the third quarter related to goodwill and intangibles. These totaled EUR 5.8 billion.
Copyright RTT News/dpa-AFX