Deutsche
Bank posted a huge €6.8 billion (£5.1 billion, $7.4 billion) loss for 2015 -
its first annual loss since 2008. After the news, Deutsche Bank's supervisory
board confirmed that the German lender's management board would not get bonuses
for 2015.
This was mainly due to €1.2 billion worth of
litigation charges for the period. This brought total litigation charges to
€5.2 billion for 2015, up from €2 billion booked in 2014. But investors
expected this huge loss. Last week, Deutsche Bank warned markets that it was
facing a net loss of about €6.7 billion for last year.
But restructuring charges tipped the bank's
net loss over this forecast, as it cost €800 million in the fourth quarter of
last year to pay for severance packages after the group decided to close
numerous retail banking branches. Another €100 million was lost because of
Deutsche Bank's hiving off Postbank.
"In 2015 we made considerable progress
on the implementation of our strategy. The much needed decisions we took in the
second half of the year contributed to a net loss for the fourth quarter and
full year," said John Cryan, Deutsche Bank's co-CEO.
"We are focused on 2016 and continue to
work hard to clear up our legacy issues. Restructuring work and investment in
our platform will continue throughout the year. "We know that periods of
restructuring can be challenging. However, I’m confident that by continuing to
implement our strategy in a disciplined manner, we can and will transform
Deutsche Bank into a stronger, more efficient, and better run
institution."
Full-year revenue rose by 5% to €33.5
billion, though revenue in the fourth quarter cratered by 15% year-on-year to
€6.6 billion. Deutsche Bank will release its final financial statements on
March 11. Later Thursday, Cryan confirmed to reporters in a news conference
that Deutsche Bank's supervisory board took the decision not to award bonuses
to management.
"In the context of the overall
performance of the bank last year, which the board has to own ... that is a
decision which I respect," Cryan said, according to Reuters and the
Financial Times, which were at the conference.
Πηγή: Business Insider
Δεν υπάρχουν σχόλια:
Δημοσίευση σχολίου