Deutsche Bank posts surprise Q4 loss as scandals weigh
FRANKFURT Jan 19 (Reuters) - Deutsche Bank posted a surprise pre-tax loss of 1.153 billion euros for the fourth quarter of 2013 due to heavy costs for litigation, restructuring and balance sheet reduction.
The bank said that litigation expenses cost 528 million euros in the quarter while adjustments to the value of credit, debt and funding produced another 623 million euros in costs, and restructuring costs added a 509 billion euro burden.
Revenue for the group fell 16 percent to 6.580 billion euros, due in part to weakness in its corporate banking and securities division, the bank said in a statement. (Reporting by Thomas Atkins; Editing by Kevin Liffey)