Deutsche rejig hits results, takes IB into loss
With its investment bank sinking into a quarterly loss for the first time since the last quarter of 2008 the last three months of 2012 were not a pleasant time for Deutsche Bank. The German bank’s numbers, announced on Thursday, were dragged down by impairments as well as a compensation bill that increased despite the front office workforce falling by 1,000.
The charges and impairments were mostly related to a restructuring of the firm that was announced last year, as well as regulatory turmoil such as the Libor-fixing investigation.
In September 2012, Deutsche announced its Strategy 2015+ plan, through which badly performing businesses would be transferred into a new non-core
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