Frankfurt - Deutsche Bank reported its third straight quarterly loss Wednesday, blaming legal disputes that could result in big claims.
“Net income in this quarter was materially impacted by provisions as we continued to work toward resolution of litigation matters related to legacy issues,” said the co-chiefs of Germany's biggest bank, Juergen Fitschen and Anshu Jain.
Stock in the bank fell on the Frankfurt Stock Exchange, trading at 24.95 euros mid-morning, down 1.2 per cent in a rising market.
The bank posted a net loss of 92 million euros (R1.3 billion dollars).
In the matching quarter a year ago, it had posted a profit of 51 million euros.
The bank is locked in multiple legal problems, creating risk that it will have to pay huge sums in damages if it accepts liability.
It upped its provisions for such losses by 894 million euros to 3 billion euros.
The two chiefs said “headwinds persist” for the bank and they would work systematically in the coming quarters to resolve the litigation.
Among the issues are allegations that staff at multiple big banks colluded to manipulate reference rates such as Libor and Euribor, which are used for dealings among banks.
Deutsche accepted a European Union penalty in 2013, but the issue is still pending in Britain and the United States.
Deutsche said it was in direct talks about this.
Deutsche, which came through Sunday's stress-test gradings by the European Central Bank with good marks, meanwhile shook up its management board, appointing a former Goldman Sachs executive, Marcus Schenck, as its chief financial officer.
He replaces Stefan Krause, who becomes chief officer for strategic development. - Sapa-dpa