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Deutsche expects $3.9bn writedown Deutsche expects $3.9bn writedown
(2 days later)
Deutsche Bank has warned it expects to write off about 2.5bn euros ($3.9bn; £1.9bn) in the first three months of 2008 because of the sub-prime crisis.Deutsche Bank has warned it expects to write off about 2.5bn euros ($3.9bn; £1.9bn) in the first three months of 2008 because of the sub-prime crisis.
The firm, due to issue its quarterly results at the end of April, blamed the current global credit turmoil.The firm, due to issue its quarterly results at the end of April, blamed the current global credit turmoil.
It said that conditions had become "significantly more challenging" during the last few weeks.It said that conditions had become "significantly more challenging" during the last few weeks.
Its forecast of losses came as Swiss bank UBS more than doubled its sub-prime writedowns.Its forecast of losses came as Swiss bank UBS more than doubled its sub-prime writedowns.
In February, Deutsche Bank reported a 48% fall in profit for the last quarter of 2007.In February, Deutsche Bank reported a 48% fall in profit for the last quarter of 2007.
And in October last year, Deutsche Bank revealed a 2.2bn-euro exposure to US sub-prime debt.And in October last year, Deutsche Bank revealed a 2.2bn-euro exposure to US sub-prime debt.
The bank is eyeing a pretax profit of 8.4bn euros, down from 8.7bn euros last year. The bank is eyeing a pre-tax profit of 8.4bn euros, down from 8.7bn euros last year.