The German manufacturer expects 2015 with a decline of around 6.7 billion euros after tax, as the financial institution on the basis of preliminary calculations on Wednesday evening surprisingly announced. Those were the one and a half billion euros expected more than experts, after the bank had announced a series of special charges in October. For this now came another in the fourth quarter to do so.
The reasons for the record minus are multibillion dollar lawsuits, write-downs in the investment banking and private client business and costs for the ongoing Group restructuring and job cuts. In addition, the operational business as trading in securities went bad in many areas. For 2014, the DAX companies had reported approximately 1.7 billion euro profit.
five billion euros for litigation
Co-chief John Cryan wants the German’s largest bank with a radical cure again bring in the track and had it also deleted the dividend for the first time in postwar history. That the cleanups are overdue, there is no doubt. The competition runs Deutsche Bank it: The top ten US banks are all much more profitable
But for legal disputes, the German bank now back 5.2 billion euros.. Tough penalties might face the financial institution in the case of Moscow’s trade division. In the Russian capital there should have been, until recently improper transactions. US authorities go after suspected violations of the current political sanctions. The total volume of suspicious transactions should be at six billion dollars.
A turbulent year draws billions MINUS TO END
Another billion euros is provided jobs for the dismantling of thousands. The bottom line should be deleted 9000 jobs – 4,000 of them in Germany. In addition, press the problems in retail banking, in which the Institute will disconnect the current year, among others, Postbank, on the result.
In the investment banking are set several stores. The Bank make increasingly stringent capital requirements and many new rules for the industry to create a lot of shops just in volatile capital market business worth no longer. From ten foreign markets, the German market leader
WEAK Operations at year draws all the way back.
In addition, the market conditions were “challenging”. At year-end mainly trading in securities was weak, so that revenue declined in the fourth quarter to 6.6 billion euros – or about 15 percent less than a year ago. Along with the re-incurred extraordinary costs, this leads to the end of the year to a quarterly loss. This amounts to 2.7 billion euros before tax and around € 2.1 billion below the bar. A year earlier, the bank had made a profit of 441 million euros
The billion minus meets the German bank after a turbulent year. Co-chief Anshu Jain had to go, since July is the Briton Cryan the new strong man in the management team. The resignation of Co-CEO Juergen Fitschen (67) is a done deal. There were billions of penalties: For example, the Bank reached an agreement with authorities in the US and UK on the record fine of 2.5 billion US dollars, because people had over the years the important reference interest rate Libor, where many shops are oriented manipulated
STOCKS UNDER PRESSURE – only short post-trade RECREATION
It is important for the Group is the largest annual loss and the second since 2008. In the financial crisis, the German bank had been in the red for the first time in a full year and approximately 3 made € 9 billion loss. Details about the figures of the fourth quarter and full year will the German bank to present on 28 January.
The Bank’s shares reacted to the figures in after-hours trading initially with slight gains after the regular Xetra business had fallen by six percent to 17.72 euros and were thus closed at its lowest level since early 2009. Up to 22 clock the post-trade gains but crumbled again. When Wertpapierhandelshaus Long & amp; Black (L & amp; S) they traded recently at 17.675 – for other platforms at a similar level