FRANKFURT, Germany (AP) — Deutsche Bank is reporting a large €2.15 billion ($2.91 billion) loss for the fourth quarter because of asset writedowns and lawsuit expenses.
The bank wrote off the value of investments and businesses it owns as it reshapes its business to meeting new requirements for banks to hold bigger financial buffers against losses.
That means exiting some of the bank's risky investments and assets.
The loss compared to a €186 million profit a year ago. Revenue rose 14 percent to €7.9 billion from €6.9 billion.
Co-CEOs Juergen Fitschen and Anshu Jain said Thursday the performance of the bank's core business was otherwise strong. They said the losses came from "the most comprehensive reconfiguration of Deutsche Bank in recent times."