Now Deutsche feels the heat

Deutsche Bank suffered its first quarterly loss in five years as global financial turmoil heaped €2.7 billion in writedowns on Germany's biggest listed bank.

Chief Executive Josef Ackermann shied away from restating his annual pretax profit goal of €8.4bn and said last month was the toughest on banks since the global credit crisis began.

A pretax loss of €254m euros in the first three months compared to a €3bn euro pretax profit a year earlier and marked the bank's worst quarter since the collapse of the dot-com bubble.

Deutsche had been seen as one of the winners in the recent crisis.

But as conditions in global markets worsen, it is looking vulnerable as the crisis starts to squeeze its most important businesses such as trading in debt products. (Reuters)
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