$1.76 billion loss in fourth quarter

Kai Pfaffenbach | Reuters

2016A statue is seen next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany.

German lender Deutsche Bank posted a net loss of 2.2 billion euros ($1.76 billion) in the fourth quarter of 2017 — worse than the net loss of 1.25 billion euros that Reuters analysts had forecast.

For the year, the German bank posted a 497 million euro loss ($621 million) compared to a 290 million euro loss that Reuters analysts had estimated. This was the third consecutive annual loss for Deutsche Bank.

The bank’s results were impacted by a drop in investment banking as well as tax changes in the U.S.

“Only a charge related to U.S. tax reform at the end of the year meant that we had to post a full-year after-tax loss. We believe we are firmly on the path to producing growth and higher returns with sustained discipline on costs and risks,” John Cryan, chief executive officer at Deustche Bank, said in a statement.

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