Deutsche Bank reports first full year loss since 2008

Deutsche Bank reported its first full year loss since the 2008 financial crisis on Thursday, although this was well flagged as the bank had warned about it last week.

DB posted a fourth quarter net loss of €2.1bn (£1.6bn) compared with a net profit of €441m in 2014, due litigation charges, restructuring costs and challenging market conditions.

For full year 2015, the net loss came in at €6.8bn, which was pretty much in line with the €6.7bn figure the bank mentioned in its statement last week.

Deutsche said the investment banking business incurred a €1.15bn pre-tax loss in the fourth quarter, compared to a €323m net profit the previous year.

Chief executive officer John Cryan said: “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.

“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.”

At 0924 GMT, DB shares were down 2.4% to €16.70.