Profits slump at Deutsche Bank
GERMAN giant Deutsche Bank yesterday laid bare the impact of the eurozone debt crisis after reporting a worse-than- expected plunge in profits in the final quarter of last year.
It said profits fell 70 per cent to 186million (£154million) as its investment banking arm slumped £350million into the red as it took big hits on Greek bonds, an Icelandic drugs company and a US casino.
Chief executive Josef Ackermann, who steps down in May, warned 2012 would be another “challenging year”.
Analysts said the results “didn’t look too pretty”.