Deutsche Bank Records Loss of 1.4 Billion Euros in 2016

Berlin, German banking giant Deutsche Bank recorded a loss of 1.4 billion euros (1.5 billion dollars) in 2016, the lender announced on Thursday citing restructuring and legal costs.

It is the second annual loss for Deutsche Bank in as many years and exceeds the 1 billion euros expected by analysts, according to the (dpa).

In 2015, the bank recorded a record loss of 6.8 billion euros.

The bank's results were "heavily impacted by decisive management action taken to improve and modernise the bank, as well as by market turbulence for Deutsche Bank," chief executive John Cryan said in a statement.

Source: Qatar News Agency