A year of reorganization has left its mark on Germany’s leading financial institution. Deutsche Bank revealed this week it suffered significant losses in the last quarter and all of 2019. The banking giant claims that the damage is “entirely driven by transformation-related effects” such as compensation for sacked employees and devalued assets.
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In a report published Thursday, Deutsche Bank announced a pre-tax loss of €2.6 billion (over $2.85 billion) and explained it had to absorb transformation charges of €1.1 billion, goodwill impairments of €1 billion as well as restructuring and severance expenses of €805 million. The bank’s net loss for 2019 amounts to the staggering €5.3 billion (almost $5.85 billion). The figure includes transformation-related deferred tax asset valuation adjustments of €2.8 billion.
In Q4, Deutsche Bank had a pre-tax loss of €1.3 billion, including…