Deutsche Bank announces huge 6.7b euro net loss for 2015

Germany's largest bank, Deutsche Bank, on Wednesday announced an overall loss of 6.7 billion euros (US$7.3 billion) for 2015, blamed on litigation costs, write-downs and restructuring and severance charges.

PHOTO: EPA

JAN 21, 20166:04 AM

[BERLIN] Germany's largest bank, Deutsche Bank, on Wednesday announced an overall loss of 6.7 billion euros (US$7.3 billion) for 2015, blamed on litigation costs, write-downs and restructuring and severance charges.

Some of these losses had already been announced earlier in 2015 but the bank reported additional litigation charges of 1.2 billion euros in the fourth quarter. Overall, it expects a fourth-quarter loss of 2.1 billion euros, it said in a statement.

"The full-year results include previously disclosed impairments taken in the third quarter of 5.8 billion euros of goodwill and intangibles, full-year litigation provisions of approximately 5.2 billion euros and restructuring and severance charges of approximately 1.0 billion euros," it said.

The bank is currently embroiled in some 6,000 law suits over allegations of money laundering and interest rate rigging.

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Deutsche Bank expects to report full year revenue of 33.5 billion euros for 2015, the statement added.

The bank will announce details of the fourth-quarter and annual results on January 28.

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