Deutsche Bank Q4 Loss Widens

Germany’s Deutsche Bank announced its net loss widened in the fourth quarter, in the period October-December. The fourth-quarter included “transformation charges” of €608 million and restructuring costs to the tune of €473 million. In July, the company said it plans to cut thousands of jobs by 2022 in a restructuring aimed at restoring consistent profitability.
The bank reported a net loss of €1.48 billion for the last quarter, compared with €409 million a year earlier. In total, it lost €5.27 billion in 2019, compared with its 2018 profit of €341 million.
The bank said full-year loss “was entirely driven by transformation-related effects” and those effects “were broadly in line with projections”.
“As at the end of 2019, Deutsche Bank had recognized 70% of the anticipated cumulative costs to achieve its transformation strategy between 2019 and 2022”, the company added.