(21 January 2016 – Germany) The largest Germany bank, Deutsche Bank, has revealed an overall loss of €6.7 billion (A$10.5 billion) for 2015, resulting from litigation costs, write-downs and restructuring and severance charges.
Some of these losses had already been announced earlier in 2015 but the bank reported additional litigation charges of €1.2 billion in Q4 2015. The bank said in a statement that overall Q4 losses are expected to be around €2.1 billion.
“The full-year results include previously disclosed impairments taken in the third quarter of €5.8 billion of goodwill and intangibles, full-year litigation provisions of approximately €5.2 billion and restructuring and severance charges of approximately €1.0 billion euros,” the statement said.
Deutsche Bank is currently embroiled in some 6,000 law suits over allegations of money laundering and interest rate rigging.
The statement added that the German bank expects to report full year revenue of €33.5 billion for 2015. Details of the fourth-quarter and annual results will be announced on January 28.