German bank CRISIS: Deutsche Bank loses £650M in THIRD YEAR in red for Merkel’s top bank


John CryanGETTY

Deutsche Bank Agglomeration CEO John Cryan

The audited annual financial statement show a annihilation of €735m (£648.21m), significantly higher than the €497m (£438.31m) reckon provisionally posted at the beginning of last month.

The main reason for the deviation was reality as a one-off accounting effect of US tax claims.

Had it not been for President Donald Trump’s tax exchanges in the fourth quarter of 2017, the bank said it would have make tracked a profit of around €1bn (£880m).

If we want to live up to our claim of being the leading European bank we organize to invest in our employees

John Cryan

Despite this being the third year in a row with losses, workers of the largest German bank receive around €2.3 billion (£2bn) in extras while shareholders will receive dividends of 11 cents (9.7p) per dispensation.

Group CEO John Cryan insisted he wanted the bank to get back into profit again.

He predicted: «We reaffirm our goal to return to net gains and competitive pay in 2018.

“We have now laid the base to unlock the potential of our bank».

Deutsche BankGETTY

Deutsche Bank has suffered a third year of losses in a row

The Guidance Board — which has 12 managers — will receive a total of €29.2m (£25.75m) in largesses for 2017.

Mr Cryan received a salary of €3.4m (£3m) for the past year, teeny than the €3.8m (£3.35m) the previous year.

The chief executive told he recognised the decision to boost bonuses «was highly contentious for many preordained the reported net loss in 2017».

Deutsche BankGETTY

Deutsche Bank has decided to increase reward paymensts to bosses despite the losses

But he said the compensation was necessary to slow down onto the best talents.

He said: “If we want to live up to our claim of being the greatest European bank with a global network, we have to invest in our wage-earners.”

It emerged over the weekend that members of the Deutsche Bank directorship did not accept their annual bonuses again as they have been doing since 2015 amongst growing criticism of top executives taking home huge salaries consideration poor company results.

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