Germany’s largest bank said it lost €2.1 billion in the fourth quarter, as the costs of a mountain of lawsuits and restructuring took its toll.
Deutsche Bank said the provisions pushed its full-year loss in 2015 to €6.7 billion. The bank disclosed the loss in preliminary figures released Wednesday evening. Its shares plunged nearly 10 percent in Frankfurt on Thursday morning.
Deutsche Bank said the quarterly loss included €800 million to restructure its underperforming retail banking division and another €1.2 billion to cover legal costs. In 2015, it said revenues rose to €33.5 billion from €32 billion in 2014.
European Union officials may reach a deal as soon as next month to keep Britain in the 28-nation bloc, Handelsblatt has learned.
E.U. Commission Vice President Valdis Dombrovskis told Handelsblatt that Brussels is willing to compromise with London over social welfare benefits for migrants and the expansion of the euro, Britain’s two main sticking points.
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U.S. automaker General Motors announced plans to launch a car-sharing business in Germany, taking on BMW and Mercedes on their own turf.
GM’s said its Mavin service will start in Frankfurt and Berlin, as well as in select cities across the United States. But in a statement, GM President Dan Ammann did not give details on the number or types of cars that GM planned to make available in Germany. The automaker last June started a program called Carunity, allowing Opel owners to share cars through an app.
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The International Monetary Fund said the cost of caring for Germany’s large number of refugees will boost its GDP growth by 0.3 percent in 2017, and up to 1 percent per year by 2020. The IMF study warned that the economic benefits will only last, however, if refugees are quickly integrated into the workforce.
Germany admitted 1.1 million refugees last year, and 3,000 per day are still entering the country. Chancellor Angela Merkel is under pressure to slow the influx.
To read our full refugee coverage Thursday, click here.