Bloomberg News

Deutsche Bank Shares Slide as Profit Plunges: Frankfurt Mover

February 02, 2012

Feb. 2 (Bloomberg) -- Deutsche Bank AG dropped in pre- market trading after Germany’s biggest lender said profit slumped 76 percent in the fourth quarter as the sovereign debt crisis sapped trading.

The shares fell 3.5 percent to 32.85 euros in pre-market trading at Lang & Schwarz Wertpapierhandelsbank AG as of 8:28 a.m. in Frankfurt. Deutsche Bank, based in Frankfurt, said net income fell to 147 million euros ($194 million) from 601 million euros in the final quarter of 2011, missing the 556 million-euro average estimate of 12 analysts surveyed by Bloomberg.

Chief Executive Officer Josef Ackermann , who is delivering full-year results for the last time before stepping down at the end of May, was forced to abandon his goal of posting record profit last year as clients shied from trades amid Europe’s sovereign debt crisis. Anshu Jain , who will take over as co-CEO with Juergen Fitschen, said last week that 2012 has started “on a mildly better note” than 2011 ended.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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