FRANKFURT Jan 19 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.
The unexpected loss is likely to compound the problems that
have dogged the bank over the past year, especially a
lengthening list of lawsuits and regulatory matters, and
redouble pressure on co-chief executives Anshu Jain and Juergen
Fitschen to prove their turnaround plan is on track.
The bank was originally scheduled to report its results on
Deutsche Bank's U.S.-listed shares closed down 3 percent at
$52.27 on Friday on the New York Stock Exchange after the Wall
Street Journal reported that a profit warning was possible.