Deutsche Bank: posts huge loss on restructuring charges

(CercleFinance.com) - Deutsche Bank posted on Wednesday a loss of 3.
1 billion euros due to huge charges relating to its strategic transformation, including the impact of a reduced outlook in its business plans.

Charges amounted to 3.4 billion euros, the German lender said, including deferred tax asset (DTA) valuation adjustments of 2 billion euros, plus 1 billion euros of impairments on goodwill.

Excluding these charges, net income would have been 231 million euros versus 401 million euros a year ago, Deutsche Bank said.

Two weeks after the beginning of the bank's transformation, "we can look ahead with more optimism," said CEO Christian Sewing.

Investors, however, have taken the opposite view. "It was a challenging quarter as expected," said analysts at UBS.

In Frankfurt, the Deutsche Bank share was down 3.6% after the report.

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