Large loss for Deutsche Bank which in the fourth quarter of 2012 realized a pre-tax red of 2,6 billion euros, in the wake of the restructuring costs incurred by the institute. The leading German bank announced that the good operating result was overshadowed by write-downs of 1,9 billion euros on amortization and depreciation, necessary for the creation of the new divisional structure and the skimming of assets in non-strategic sectors.
The bank, under investigation over the Libor affair, also announced legal costs of 1 billion euros in the fourth quarter. "We have embarked on a deliberate but sometimes difficult path of change to ensure long-term and sustainable success for the bank," said co-CEOs Juergen Fitschen and Anshu Jain. “This journey will take years, not months.”
The corporate banking and securities division, traditionally the strongest area of the German group, realized a pre-tax loss of 548 million euros. The net loss for the entire bank amounted to $2,2 billion in the fourth quarter.
