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Deutsche Bank Posts $117 Million Loss And Fires CFO

Reuters,Mike BirdOct 29, 2014, 11:44 IST

FRANKFURT (Reuters) - Deutsche Bank reported a quarterly net loss of 92 million euros on Wednesday as heavy legal costs outweighed a rise in investment banking earnings.

Germany's top lender reported quarterly pre-tax income of 266 million euros, lifted by a 4 percent pre-tax profit rise from investment banking.

Deutsche's CFO, Stefan Krause, is also being shuffled into a strategy role as of May 2015. He's being replaced by Marcus Schenck of Goldman Sachs, who'll start as Deputy CFO and then take over from Krause fully in 2015.

The bank spent 894 million euros on litigation costs in the quarter, bringing to around 7 billion euros the amount the bank has spent on fines and settlements since 2012.

(Reporting by Thomas Atkins; Editing by Arno Schuetze)