Deutsche Bank announces $7.3 billion annual loss for 2015

AP News
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Posted: Jan 21, 2016 2:34 AM

FRANKFURT, Germany (AP) — Deutsche Bank says it expects an annual loss of 6.7 billion euros ($7.3 billion) for 2015, compared with a net profit of 1.69 billion euros the previous year.

Germany's largest bank blamed the higher-than-expected loss on further litigation charges.

In an unscheduled announcement late Wednesday, Deutsche Bank said it would post a fourth-quarter net loss of 2.1 billion euros, including 1.2 billion euros for litigation costs.

This compares with a fourth-quarter net profit of 441 million euros the previous year.

Full-year litigation provisions stood at about 5.2 billion euros and restructuring and severance charges came to about 1 billion.

The bad performance is a blow to the CEO John Cryan, who has pledged to reverse the bank's fortunes after a series of missteps.