Deutsche Bank has informed a surprise loss for the fourth quarter of 2013, subsequently emancipating its latest outcomes before they were anticipated.
Overall Deutsche said it posted a pre-tax loss of 1.153bn euros for the final quarter of 2013.
The bank said that lawsuit costs and rearrangement had considered severely on its financial performance.
Litigation costs equestrian up to 528m euros (£435.3m) for the period, while revenue fell 16%.
At the end of last week the company’s shares closed down 3% in New York when reports of a profit warning upset already nervous investors.
Deutsche Bank – Germany’s biggest lender – has confronted some big problems in the past 12 months. In December 2013 it decided to pay 1.4bn euros to resolve a lawsuit with the US Federal Housing Finance Agency (FHFA).
Rate rigging
The lawsuit suspects Deutsche Bank of contravention state and federal laws as soon as it sold financial products sponsored by mortgage loans to Fannie Mae and Freddie Mac between 2005 and 2007.
Also in December it was among six banks fined $2.3bn (£1.4bn) by the European Commission after been originate remorseful of conspiring to rig two worldwide attention rate benchmarks.
Deutsche Bank agonized the biggest fine of the six – 725.36m euros – over rate fixing.
For the year, it has set aside 2.5bn euros for numerous lawsuits.
In Sunday’s fallouts statement, the bank’s joint chief executives Juergen Fitschen and Anshu Jain said that they are self-assured of reaching their objectives for 2015. Though they said that they “expect 2014 to be a year of further challenges”.
The bank will post a profit for 2013 generally, they added.
Deutsche Bank had formerly planned to announcement its results on 29 January.
