Deutsche Bank posts £3.5 billion loss

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The Independent Online

Deutsche Bank today reported a hefty net loss for the fourth quarter and for the whole of 2008, citing "unprecedented" operating conditions and "weaknesses in our business model".

Frankfurt-based Deutsche Bank, Germany's largest bank, said the fourth quarter net loss amounted to 4.8 billion euros (£4.3 billion), compared with a net profit of one billion euros (£892 million) in the fourth quarter of 2007.

Net loss for the whole of 2008 amounted to 3.9 billion euros (£3.5 billion).

Revenue also tipped into the red in the fourth quarter, coming in at a negative 885 million euros (£789 million) - compared with 7.3 billion euros (£6.5 billion) a year earlier.

"We are very disappointed at our fourth quarter result, and the consequent full-year net loss," Josef Ackermann, the bank's chief executive, said in a statement.

"Looking forward, we see continuing very difficult conditions for the global economy, posing significant challenges for our clients and for our industry."

The net loss figures were in line with a preliminary estimate issued by the bank in mid-January.