The Daily Telegraph

£1.3bn tax blow for Deutsche Bank

- By Iain Withers

DEUTSCHE Bank will likely slump to a third consecutiv­e annual loss for 2017, piling more pressure on John Cryan, its chief executive.

The firm said weak trading and a €1.5bn (£1.3bn) hit from US president Donald Trump’s tax reforms would probably pull it into the red on an after-tax basis for the year.

Investors had hoped Mr Cryan would unveil an improved set of results next month after under-performing against its internatio­nal peers in recent years. Deutsche Bank shares fell sharply in Frankfurt after the announceme­nt.

Deutsche Bank said it still expected to post a pre-tax profit for 2017, but the group said it had suffered from low volatility in markets and sluggish client activity in the fourth quarter.

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