Deutsche Bank shares plummeted some ten percent after warning it would report a record loss for 2015.
Deutsche Bank has shrunk so much it's now smaller than Danske Bank of Denmark.
evans_edward</a> <a href="https://t.co/4wzaHJ23ai">pic.twitter.com/4wzaHJ23ai</a></p>— Trista Kelley (trista_kelley) January 22, 2016
The bank lost some €6.7bn last year handing a headache to new Chief Executive
''Cash won't exist in ten years.'' — John Cryan, Deutsche Bank co-chief executive officer
DeutscheBank</a> <a href="https://twitter.com/hashtag/WEF16?src=hash">#WEF16</a> <a href="https://t.co/Z3kLmpQ2xv">pic.twitter.com/Z3kLmpQ2xv</a></p>— Paul X. McCarthy (paulxmccarthy) January 20, 2016
The scale of the losses are blamed on writedowns, litigation charges and restructuring costs plus a difficult trading climate in the latter part of the year.
Cryan described 2015 as “sobering,” but insisted restructuring would continue in an attempt to make the bank more efficient.