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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 pre-tax profit of 8.4bn euros, down from 8.7bn euros last year. |
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