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 Jan. 29.
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.
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.
—Reuters