Clean-up charges hit Deutsche Bank

FRANKFURT: Deutsche Bank plunged to a 2.6 billion-euro (US$3.5bil) quarterly loss after it took charges aimed at drawing a line under a series of scandals and cleaning up its balance sheet without asking shareholders for cash.

Germany’s biggest lender said on Thursday the pre-tax loss was partly due to a 1 billion-euro hit to cover legal risks, including its potential exposure to an industry-wide scandal involving the fixing of benchmark interest rates. – Reuters