FRANKFURT, Germany (AP)
The eurozone debt crisis took its toll on Germany's Deutsche Bank and its investment banking businesses, sending fourth-quarter net profits down 69 percent to euro186 million ($245.06 million).
Net profits fell far short of analyst estimates compiled by FactSet of euro492.5 million, and compares unfavorably to euro605 million in the same quarter last year.
Total net revenues were off 7 percent at euro6.89 billion.
The results reflected the market turbulence and pessimism in the waning weeks of 2011 about Europe's chances of dealing with too much government debt in some countries amid a slowing economy. The crisis has eased somewhat since the quarter ended, with stocks rising and governments finding it easier to borrow.
The eurozone debt crisis took its toll on Germany's Deutsche Bank and its investment banking businesses, sending fourth-quarter net profits down 69 percent to euro186 million ($245.06 million).
Net profits fell far short of analyst estimates compiled by FactSet of euro492.5 million, and compares unfavorably to euro605 million in the same quarter last year.
Total net revenues were off 7 percent at euro6.89 billion.
The results reflected the market turbulence and pessimism in the waning weeks of 2011 about Europe's chances of dealing with too much government debt in some countries amid a slowing economy. The crisis has eased somewhat since the quarter ended, with stocks rising and governments finding it easier to borrow.
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