Germany And Spain’s Biggest Banks Report Stunning Losses, China Averts Massive Bank Defaults, People Losing Trust In Banks – Withdrawing Deposited Money At Record Rates. BILL GROSS: Time Is Almost Up!!
January 31st, 2013
Germany and Spain’s biggest banks report stunning losses
Deutsche Bank Reported An Unexpected $3 Billion Loss
FRANKFURT, Germany (AP) — Reducing the value of assets and lawsuit expenses pushed Deutsche Bank into a big and unexpected fourth quarter loss of €2.15 billion ($2.91 billion).
The net loss for the October-December period compared to a €186 million profit a year ago. Analysts surveyed by FactSet expected a bare profit of €62 million.
Deutsche Bank is reshaping its business to meet new regulatory requirements for banks to keep larger financial buffers against losses in the wake of the 2007 financial crisis.
The Eurozone’s Biggest Bank Posts A Stunning $26 Billion Write-Down