Deutsche Bank: posts annual net loss on US tax reform charge
(CercleFinance.com) - Deutsche Bank's shares are down almost 6% on Friday after posting a fourth-quarter loss of 2.
2 billion euros, resulting in a full-year 2017 net loss of 500 million euros.
The German lender said that it has suffered from a challenging market environment, low interest rates, alongside a huge charge related to US tax reform at the end of the year.
As announced earlier this year, the bank recorded in the fourth quarter a non-cash charge of approximately 1.4 billion euros arising from a valuation adjustment on its US deferred tax assets (DTAs).
"We have made progress, but we are not yet satisfied with our results," CEO John Cryan said.
On a positive note, Deutsche Bank said that the Postbank merger and partial flotation of its asset and wealth management unit DWS were both advancing well.
Frankfurt-listed Deutsche Bank shares are currently down 5.9% at 13.9 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
2 billion euros, resulting in a full-year 2017 net loss of 500 million euros.
The German lender said that it has suffered from a challenging market environment, low interest rates, alongside a huge charge related to US tax reform at the end of the year.
As announced earlier this year, the bank recorded in the fourth quarter a non-cash charge of approximately 1.4 billion euros arising from a valuation adjustment on its US deferred tax assets (DTAs).
"We have made progress, but we are not yet satisfied with our results," CEO John Cryan said.
On a positive note, Deutsche Bank said that the Postbank merger and partial flotation of its asset and wealth management unit DWS were both advancing well.
Frankfurt-listed Deutsche Bank shares are currently down 5.9% at 13.9 euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.