Financial services major Deutsche Bank has reported a net loss of euro 4.8 billion ($6.17 billion) in the fourth quarter of 2008, following unprecedented economic conditions bringing up some weakness in its business model.
The bank had a net income of euro 1 billion in the December quarter of 2007, Frankfurt-based Deutsche Bank said in a statement.
Net revenues for the fourth quarter were negative euro 885 million, against euro 7.3 billion in the year-ago period.
For the full year 2008, Deutsche Bank recorded its first ever annual loss of euro 3.9 billion, as compared to net income of euro 6.5 billion in the same period last year.
Commenting on the fourth quarter result Deutsche Bank Chairman Josef Ackermann said: "We are very disappointed at our fourth quarter result, and at the consequent full year net loss in 2008.
"Operating conditions in the quarter were completely unprecedented and exposed some weaknesses in our business model. We, therefore, are repositioning our platform in some core businesses."
