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Deutsche Bank shocks with warning of €6bn losses
Deutsche Bank has warned it will lose more than €6bn (£4.4bn) in the third quarter in a record loss. In a late-night announcement that shocked analysts, Germany’s biggest bank blamed huge impairment charges of €5.8bn for the unexpected losses. Forecasts had been for profits of about €1bn. Deutsche is one of the pillars of corporate Germany, along with Volkswagen, which has been rocked by the emissions-rigging scandal. Deutsche’s new boss, John Cryan, who took over in July, set about cleaning up the bank and hinted at cuts to bankers’ bonuses, while dividend payments to shareholders could also be reduced ... (full story)