Deutsche Posts Surprise Loss

The FT reports that Deutsche Bank surprised the markets last week when it posted a third quarter loss of $176m. Loan loss provisions rose steeply and trading profits were down.

Josef Ackermann, Deutsche's chief executive, said: 'These have been exceptionally difficult times for the global banking industry. Clearly we are not happy with the results'.

The bank was a major lender to troubled telecoms giant WorldCom and Philipp Holzmann, the giant bankrupt construction company. The German bank is in the midst of a large cost cutting exercise and hopes to acheive savings of around $2bn per annum.

Deutsche's shares initially fell 6% on the news.

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