Deutsche Bank AG, Germanyâs biggest bank, reported a loss of about 4.8 billion euros ($6.3 billion) in the fourth quarter after the worst financial crisis since the Great Depression pummeled its debt and equity trading results.
The bank fell as much as 8.4 percent in Frankfurt trading. The loss, which compares with a profit of about 1 billion euros a year earlier, also reflects increased provisions for debt backed by bond insurers and âother exceptional gains and charges,â the Frankfurt-based bank said in a statement today.
Deutsche Bank has âscaled back or exited trading strategies most affected by market turbulence,â Chief Executive Officer Josef Ackermann said in the statement. The German bank lost about $1 billion from bad bets involving bonds hedged by credit-default swaps in the quarter, plus $500 million trading equities, two people with knowledge of the matter said this week.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agwFuAIvm7ds&refer=home
Akki, you lose !
The bank fell as much as 8.4 percent in Frankfurt trading. The loss, which compares with a profit of about 1 billion euros a year earlier, also reflects increased provisions for debt backed by bond insurers and âother exceptional gains and charges,â the Frankfurt-based bank said in a statement today.
Deutsche Bank has âscaled back or exited trading strategies most affected by market turbulence,â Chief Executive Officer Josef Ackermann said in the statement. The German bank lost about $1 billion from bad bets involving bonds hedged by credit-default swaps in the quarter, plus $500 million trading equities, two people with knowledge of the matter said this week.
http://www.bloomberg.com/apps/news?pid=20601087&sid=agwFuAIvm7ds&refer=home
Akki, you lose !
