Deutsche Bank Reports Fifth Annual Loss In A Row In 2019
2019’s loss was «entirely driven by transformation-related effects,» the bank said in a statement.
A total of three billion euros went on charges, writedowns in the value of intangible «goodwill» assets and costs relating to the restructuring and severance pay for the first among over 18,000 planned job cuts.
Deutsche slashed its payroll in 2019 by 4,100, to around 87,600, it added.
Meanwhile tax effects related to the restructuring weighed on the bottom line to the tune of 2.8 billion euros.
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