Frankfurt-based Deutsche Bank saw its shares plummeting by more than 5 percent to €37.3 in in early trading on January 20.
Deutsche Bank announced a surprise fourth-quarter loss of €1.66 billion because of restructuring and credit costs. Moreover, it set aside €528 million for legal costs.
The bank’s quarter revenue fell 16 percent to €6.6 billion as a result of a weak performance of its corporate banking and securities division. For the year 2013, Deutsche Bank reported net revenue of €31.9 billion and net income of €1.1 billion.
The surprise loss was unexpected by market participants. The results of a Bloomberg poll found that analysts anticipated Deutsche Bank to post net income figure of about 700 million euros.
Last year the bank was mixed up in the Libor scandal and manipulation of foreign exchange markets. There were other banks including Barclays, UBS, and RBS that were under suspicion and investigation of regulators.
