Deutsche Bank Q4 hit by restructuring charges

Deutsche Bank said restructuring charges and revaluation of some assets would hit its fourth-quarter earnings.

The hit relates to efficiency measures at its main business and Postbank retail division as well as to de-risking and valuation adjustments to certain assets, Deutsche said on Thursday, without specifying.

Shares fell 2.9% to 33.28 euros by 1315 GMT, making them the biggest decliners on Germany's blue-chip DAX index.

Despite a difficult economic environment, Deutsche said it achieved solid operational results in October and November across all its core businesses.

The bank said it still expected to reach a Basel III core tier one ratio of 7.2% by 2013.

Ahead of the statement, analysts on average saw Deutsche posting a quarterly pretax profit of about 682 million euros, compared with a year-earlier loss, according to Thomson Reuters StarMine.

On Thursday, Deutsche Bank also formally created a non-core operations unit to house 125 billion euros worth of assets that eat up too much capital or make too little profit.

The move forms part of a new strategy the bank announced in September, when Deutsche said it would create an asset and wealth management unit.