Deutsche Bank shares drop 6% after €1.9bn Q4 loss
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
It was all going so well…
Having staged a steady and remarkable recovery – in which shares more than doubled since hitting an all-time low in October – Deutsche Bank’s stock has taken a fresh hit this morning after it revealed a €1.9bn loss in the fourth quarter.
Germany’s largest bank said its performance in the three months to the end of December was weighed down by the cost of its $7.2bn mortgage mis-selling settlement with the US Department of Justice.
Still, the quarterly loss was better than the €2.1bn reported in the same period last year, and means Deutsche’s total 2016 loss hit €1.4bn (2015: €6.8bn).
Shares are down 6.1 per cent at publication time to €17.90, the biggest fallers on the Euro Stoxx banking index this morning.
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