Sunday, 20 October, 2019

Deutsche Bank expects loss after U.S. tax law

Serious Fraud Office Probe Deutsche Bank Over Securities Sales Deutsche said the changes will lead to a one-off cost
Russell Knight | 05 January, 2018, 19:21

The charge, which is due to a valuation adjustment of Deutsche Bank's USA deferred tax assets, will lead the group to post a small after-tax loss for 2017, the bank said in a press release.

Deutsche Bank will take a €1.5bn (£1.3bn) charge following changes to the U.S. tax code, meaning it will not make a profit for 2017.

CEO John Cryan has cautioned that the bank's turnaround would be a long, hard slog but said in July that he expected a return to profit in 2017.

Deutsche Bank shares fell sharply in Frankfurt after the announcement this afternoon and are trading down more than 4pc. The drop drove a third straight quarter of revenue contraction at Europe's largest investment bank. The bank had warned that the fourth quarter could be rough and confirmed that view on Friday.

"As a result of the recent enactment of the Tax Cuts and Jobs Act, Deutsche Bank. expects to recognise an approximate 1.5-billion-euro ($1.8 billion) non-cash tax charge. for the fourth quarter", the group said in a statement.

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As well as the immediate impact of the USA tax changes, Deutsche Bank highlighted that "trading conditions in the fourth quarter of 2017 were characterized by low volatility in financial markets and low levels of client activity".

The fourth quarter also brought around 500 million euros in "restructuring and severance costs and litigation charges", including a loss it made on the sale of its Polish unit. Cryan was appointed in 2015 to steer the bank back to profit.

Past year a looming $14 billion fine from the U.S. Department of Justice had unsettled clients and investors and prompted talk of a government bailout.

The adjustment reflects an estimate of the impact of reducing the federal tax rate applicable to Deutsche Bank's US operations to 21% from 35% previously.

A lower tax rate means that tax breaks Washington offered for companies in financial difficulty will be correspondingly smaller.

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