Deutsche bank lost 4.8 bln euro in Q4

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Source: CCTV.com | 02-06-2009 10:08

The Frankfurt-based Deutsche Bank has confirmed a 4.8 billion euro net loss in the fourth quarter of 2008. The result pushed the bank into the red last year.

Josef Ackermann, CEO of Germany's largest business bank Deutsche Bank AG, addresses the media during the bank's annual news conference in Frankfurt, February 5, 2009. REUTERS/Kai Pfaffenbach

The fourth-quarter loss at Germany's largest bank compares with a gain of 1 billion euros in the fourth quarter of 2007. The change was largely due to big trading losses.

Meanwhile, in London, the Bank of England cut its key interest rate by a further half percentage point, to a new record low of just one percent.

That came just ahead of the European Central Bank's decision to leave its benchmark rate unchanged at two percent.

Official figures have recently confirmed that Britain is experiencing its worst recession since the early 1980s.