Deutsche Bank makes first quarter loss

by Richard Kilner

Story link: Deutsche Bank makes first quarter loss

Today German firm Deutsche Bank recorded a loss of €141m for the first quarter.

It is the first time in five years that the bank has made a loss, and contrasts starkly with the €2bn profit made last year over the same period.

The loss was due to writedowns amounting to a total of €2.7bn worth of assets that have been hit by the financial turbulence embroiling the world’s banks.

The bank has sold off parts of a number of a stakes it holds in a variety of businesses.

Its stake in Daimler has fallen from 4.4% to 2.9%, and its stakes in Linde and Allianz have also been reduced.

Despite the losses, Josef Ackermann, the bank’s chairman, has stated that the bank is well positioned to recover.