(MENAFN- Saudi Press Agency) Shares in Deutsche Bank slumped by more than 4 pe
cent Monday after Germany's biggest bank announced a surpris
fourth-quarter loss because of hefty legal and restructuring costs, dpa reported
The Frankfurt-based bank posted a pretax loss of 1.15 billion euro
(1.56 billion dollars) in the final three months of 2013 after it wa
forced to set aside 528 million euros for legal costs - bringing the total bill for the year to 2.5 billion euros
"We expect 2014 to be a year of further challenges and discipline
Implementation," the bank's co-chief executives, Juergen Fitschen and Anshu Jain said in a preliminary statement released late Sunday
"However," they said, "we are confident of reaching our 2015 target
And delivering on our strategic vision for Deutsche Bank.
Shares dropped 4.14 per cent to 37.71 euros shortly after the opening of trading on the Frankfurt Stock Exchange. The bank's stock has gained about 14 per cent over the last two weeks
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