Deutsche slump

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The Independent Online
PROFITS AT Deutsche Bank slumped by a worse-than-expected 94 per cent in the third quarter after it suffered a DM224m (pounds 80m) trading loss because of the financial markets crisis.

Operating profits at the bank slid from DM1.26bn in the third quarter of 1997 to DM70m. Since July about 40 per cent has been wiped off the bank's value, leaving it with a market capitalisation below Halifax, even though it is still by a whisker Germany's largest bank.