Deutsche Bank confirms it lost money on Auto turmoil


Deutsche Bank, among the world’s biggest traders of stocks, found itself on the losing side of the turmoil sparked by Volkswagen’s diesel-cheating scandal.

'We had a series of positions for our clients which were on the wrong side and we did indeed lose money in the automobile sector', Marcus Schenck, Deutsche Bank’s chief financial officer, told reporters in Frankfurt on Thursday. 'They’re not gigantic amounts and not necessarily linked to Volkswagen, but in our case it was rather other names'.

Bloomberg News reports that automotive stocks have been on a roller-coaster since VW admitted last month it had rigged diesel-emissions tests.

The losses in equity derivatives helped push Deutsche Bank’s income from stock trading 19% lower in the third quarter to $643m, the company said. 

To access the complete Bloomberg News article hit the link below:

How Deutsche Bank Lost Money as VW's Scandal Shook Auto Stocks

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