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Frankfurt, Germany - Deutsche Bank's co-chief executive is saying the bank's surprise fourth-quarter earnings were “inadequate” but vows the bank is on track to strengthen its finances for the long term.

Germany's biggest bank had a surprise loss of 965 million euros ($1.32 billion) in the fourth quarter, as earnings were burdened by 528 million in costs for court settlements and investigations into alleged past misconduct in the fourth quarter.

Co-chief executive Anshu Jain said Wednesday at the bank's annual press conference that “this management team is not happy with these results.”

He said they represented “an inadequate return to our shareholders. “

Jain said the bank had put some of its biggest legal issues behind and has continued to strengthen its capital buffer against losses by shedding risky investments. - Sapa-AP