Deutsche Bank economy sinks into the bag after announcing huge losses – Telam

“The losses announced are necessary consequence of decisions taken in the framework of the 2020 strategy that will make the most efficient and easier bank,” said the head of the organization, John Cryan, according to a cable from the DPA.

British directs the Deutsche Bank since last year. To Cryan, is necessary to reduce the risks to which it is exposed Deutsche Bank and “close as soon as all litigation” legal keeps the first German bank.

As reported in a letter last night, Deutsche Bank closed 2015 with net losses of 6,700 million euros (7,300 million) due to restructuring costs and legal expenses.

It is the largest annual loss recorded by Deutsche Bank and the second negative close since 2008. So lost 3,900 millions of euros. Analysts had expected negative figures of about 5,000 million euros.

The bank recently announced it is likely to cancel the payment of dividends to shareholders in 2016 and 2017. In the fourth quarter, Deutsche Bank spent 1,200 million euros to reconcile conflicts, the bank estimates it will reach 5.200 million throughout the year. These other 1,000 million euros for the reduction of jobs

are added. The Deutsche Bank also reported a 15 percent fall in profits in the corporate sector, banking and finance, with earnings of 6,600 million euros in the last quarter.