Arab Today, arab today deutsche bank shares slump after posting surprise loss
Last Updated : GMT 09:22:01
Arab Today, arab today
Arab Today, arab today

Deutsche bank shares slump after posting surprise loss

Arab Today, arab today

Arab Today, arab today Deutsche bank shares slump after posting surprise loss

Frankfurt - SPA

 Shares in Deutsche Bank slumped by more than 4 percent Monday after Germany's biggest bank announced a surprise fourth-quarter loss because of hefty legal and restructuring costs, dpa reported.The Frankfurt-based bank posted a pretax loss of 1.15 billion euros(1.56 billion dollars) in the final three months of 2013 after it wasforced to set aside 528 million euros for legal costs - bringing thetotal bill for the year to 2.5 billion euros."We expect 2014 to be a year of further challenges and disciplined implementation," the bank's co-chief executives, Juergen Fitschen andAnshu Jain said in a preliminary statement released late Sunday. "However," they said, "we are confident of reaching our 2015 targetsand delivering on our strategic vision for Deutsche Bank." Shares dropped 4.14 per cent to 37.71 euros shortly after the openingof trading on the Frankfurt Stock Exchange. The bank's stock has gained about 14 per cent over the last two weeks.

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