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Deutsche falls to first loss in five years
April 29, 2008
By
James Wilson
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| Frankfurt, Other State - Deutsche Bank on Tuesday reported its first quarterly loss in five years and revealed the drastic impact of the credit crisis on its profitable investment banking activities. Reporting a net loss of €141m ($220m, £110m) for the first three months of 2008, Germany's largest bank said the short-term outlook remained highly uncertain. Deutsche took €2.7bn of write-downs - more than expected - in markets that Josef Ackermann, chief executive, said were "the most difficult in recent memory". Net revenues more than halved, from €9.6bn in the first quarter of 2007 to €4.6bn, as some of Deutsche's business lines shrank as a result of the credit crisis. The corporate and investment bank - including Deutsche's most lucrative trading operations - saw net revenues plunge from €6.7bn to €1.5bn.
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