Deutsche Bank announces first ever annual loss
Germany’s largest bank, Deutsche Bank, has highlighted the severity of the global financial crisis by announcing its first ever annual loss.
The bank made a net loss of €3.9 billion (£3.5 billion) in 2008 following a €6.5 billion profit the previous year.
Meanwhile, the last quarter of 2008 saw the biggest deficit, with the bank reporting a net loss of €4.8 billion.
The bank cut bonuses last year and will continue to do so this year.
The bank is also cutting back by axing 1,200 jobs, however, there will be no further job cuts, according to the bank’s chief executive, Josef Ackermann.
Mr Ackermann, who is to step down at next year’s annual meeting, described the results as ‘disappointing’. However, he insisted that the bank had performed well in January.
The annual loss was the bank’s first in 50 years – since it was restructured after the Second World War.