Deutsche Bank stunned investors today with heavy third-quarter losses as provisions on bad loans escalated due to bankruptcies in Germany and worldwide.
The pre-tax loss of €181 million at Germany's biggest bank was far worse than analysts' already downbeat forecasts.
The main source of the dismal third-quarter losses were risk provisions for bad loans of €753 million, up from €lion in the previous quarter.
The bank said the primary causes of the extra provisions were unfavourable developments in the telecommunications sector, as well as specific difficulties in certain German and US exposures.
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To cut costs,the bank is shedding 14,500 jobs, of which some 10,000 are already gone .
AFP