Deutsche Bank takes $3.5 billion loss to pay for clean up

Reuters – Deutsche Bank plunged to a 2.6-billion-euro ($3.5 billion) quarterly loss after it took charges aimed at drawing a line under a series of scandals and cleaning up its balance sheet without asking shareholders for cash. Germany’s biggest lender said on Thursday the pretax loss was partly due to a 1-billion-euro hit to cover legal risks, including its potential exposure to an industry-wide scandal involving the fixing of benchmark interest rates. It also announced a 1.9-billion-euro impairment charge on underperforming assets, shifting them to a “non-core” division for potential run down or sale as part of a move to strengthen its capital position and avoid a rights issue. Read Article

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