Deutsche Bank co-CEO says Q4 earnings ‘inadequate’January 29, 2014 - 16:46 AMT PanARMENIAN.Net - Deutsche Bank's co-CEO said Wednesday, Jan 29, the bank's fourth-quarter earnings were "inadequate," but vowed the bank was on track to strengthen its finances for the long term, according to the Associated Press. Germany's biggest bank had a surprise loss of 965 million euros ($1.32 billion) in the fourth quarter, as earnings were burdened by 528 million in costs for court settlements and investigations into alleged past misconduct in the fourth quarter. Co-CEO Anshu Jain said at the bank's annual news conference that "this management team is not happy with these results." He said they represented "an inadequate return to our shareholders." Jain said the bank had put some of its biggest legal issues behind it and has continued to strengthen its capital buffer against losses by shedding risky investments. The company lost 3.2 billion euros last year as it sold off assets that it has set aside for disposal. However, Jain said that boosted the bank's effective capital reserve by removing possible losses. He said the bank was still dealing with litigation from past issues, but that some of its biggest legal woes are behind it. In December, it was fined 725 million euros by the European Union over fixing interest-rate benchmarks. It also agreed to pay $1.9 billion to settle a lawsuit by U.S. housing finance authorities over mortgage-backed securities. Jain said the bank making progress in instilling a more ethical culture through training and outreach to employees. "Cultural change in sweeping through our bank in all of our 70-plus locations," Jain said. He underlined the bank's new compensation practices, in which bonus pay is deferred for five years "and all of that can be clawed back if they are found to have engaged in wrongdoing." Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |