Deutsche Bank appealed for investors to be patient after it posted its third consecutive annual loss in 2017, taking a hit from challenging markets, a drop in investment bank revenue and a U.S. tax reform, after a difficult fourth quarter.
“We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks,” Chief Executive John Cryan said in a statement on Friday. “We have made progress, but we are not yet satisfied with our results.”
Reuters reports that the disappointing earnings are likely to increase pressure on Englishman Cryan to turn the bank around. Cryan told journalists “we aim for a profit” in 2018 without being more precise.
Deutsche Bank is in the throes of a major restructuring, seeking to put out fires as competitors take market share. At the same time, shareholders are griping about the pace of the turnaround, doubting the bank’s strategy and leadership.
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