POST Online Media Lite Edition



 

Deutsche Bank net loss 5.3 billion euros

Christian Fernsby |
Deutsche Bank’s full year net loss of 5.3 billion euros was entirely driven by transformation related effects.

Article continues below



Topics: DEUTSCHE BANK   

As a result of progress on its transformation strategy announced on July 7th, 2019, Deutsche Bank reported a pre tax loss of 2.6 billion euros in 2019 after absorbing transformation charges of 1.1 billion euros, goodwill impairments of 1.0 billion euros and restructuring and severance expenses of 805 million euros.

The bank’s full year net loss additionally included transformation related deferred tax asset valuation adjustments of 2.8 billion euros.

All these transformation related effects were broadly in line with projections.

As at the end of 2019, Deutsche Bank had recognised 70% of the anticipated cumulative costs to achieve its transformation strategy between 2019 and 2022.

In the fourth quarter of 2019, Deutsche Bank reported a pre tax loss of 1.3 billion euros, including transformation charges of 608 million euros as well as restructuring and severance expenses of 473 million euros.

A net loss of 1.5 billion euros reflects the aforementioned effects and transformation related deferred tax asset valuation adjustments of approximately 400 million euros.


What to read next

Bazaarvoice Q4 revenue increased 5 percent
AMD Q4 revenue $1.11 billion, operating loss $3 million
Deutsche Bank Q4 loss 2.42 billion euros