Deutsche Bank has released unaudited figures for the fourth quarter and full year 2008 showing a net loss of EUR 3.9bn and a loss before income taxes of EUR 5.7bn.

For the fourth quarter 2008, the bank reported a net loss of EUR 4.8bn, compared to net income of EUR 1bn in the fourth quarter 2007. It reported a loss before income taxes of EUR 6.2bn, versus income before income taxes of EUR 1.4bnin the prior year quarter.

Dr. Josef Ackermann, chairman of the management board, said: "We are very disappointed at our fourth quarter result, and at the consequent full year net loss in 2008. Operating conditions in the quarter were completely unprecedented, and exposed some weaknesses in our business model. We therefore are repositioning our platform in some core businesses."

Diluted earnings per share were a negative EUR 7.61, compared to positive EUR 13.05 in the prior year, and pre-tax return on average active equity, per the bank's target definition, was negative 20%, versus positive 26% in 2007.

The Management Board and the Supervisory Board have recommended a dividend of 50 cents per share, compared to EUR 4.5 per share for 2007.

The Tier 1 capital ratio, reported under Basel II, was 10.1% at the end of the year, compared to 8.6% at the end of the prior year (reported under Basel I). Tier 1 capital at the end of 2008, reported under Basel II, was EUR 31.1bn , compared to EUR 28.3bn at the end of 2007 (reported under Basel I).

Ackermann said: "The Tier 1 capital ratio of the bank has remained at over 10%, in line with target, and is stronger than before the onset of the current crisis. We have reduced our leverage ratio and even exceeded our published target ahead of schedule. We have significantly reduced certain legacy exposures and trading assets, and we have adjusted costs in businesses most directly affected by market turbulence."

He concluded: "Looking forward, we see continuing very difficult conditions for the global economy, posing significant challenges for our clients and for our industry. Nonetheless, we remain firmly committed to our business model. In investment banking, we are market leaders in areas which have continued to perform well throughout the crisis. We remain convinced of the value and strategic importance of our 'stable' businesses. Our strong capital base, liquidity and funding position are also key assets in difficult conditions. We are convinced that Deutsche Bank will emerge successfully from the current crisis. Since the trust and support of our shareholders is critical for us, we recommend a dividend for the year 2008 of 50 cents per share. This reflects our confidence in the bank's future performance."

The Group has also made some personnel changes to its Financial Institutions Group in its Global Banking division. With 12 new hires worldwide, Richard Gibb joins as managing directors in Hong Kong. Gibb was previously head of financial institutions, Asia Pacific and Australia in addition to serving as head of the Financial Sponsors Group for Asia Pacific at Merrill Lynch.

And in Japan Deutsche Securities Inc. has appointed Makoto Yamashita as chief Japan interest rate strategist to the Investment Strategy team in its Global Markets division.

Yamashita was consistently ranked among the top-ten fixed income strategists in Japan by the Nikkei Bonds & Financial Weekly's annual poll from 2005 until the poll closed in 2007.

Marzio Keiling, managing director and head of global markets Japan, said: "I am pleased to welcome Makoto to the platform and enthusiastic about the enhancement he represents to our fixed income strategy team. His arrival further broadens our research product for our clients as they look for quality investment analysis and advice, and represents the further commitment of Deutsche Securities to leadership of the domestic fixed income businesses such as Yen bonds and rates."