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Deutsche Bank slips after losses

Deutsche Bank slips after losses
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Share in Germany’s biggest bank, Deutsche Bank tumbled after a surprise fourth-quarter loss due to a cluster of issues including restructing, legal issues and a drop in debt trading revenues.

The bank has warned of a challenging year ahead, not least because of persistent legal and regulatory wrangles which have dogged the bank for the last year.

Deutsche Bank has had to fork out 528 million euros in litigation costs in the quarter, bringing the bill for fines and settlements for the year to 2.5 billion euros.

Deutsche was fined $1.9 billion, or 1.4 billion euros in December by the US Federal Housing Finance Agency.

It was also fined 725 million euros by European Union competition regulators for rigging benchmark interest rates.