£1.3bn tax blow for Deutsche Bank
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.