Germany's leading investment bank, Deutsche Bank, has reported fourth-quarter pre-tax profit well below estimates.
Higher costs from a restructuring exercise and the integration of Deutsche Postbank and Sal. Oppenheim reduced its pre-tax profit to about €700m (£600m), according to unaudited preliminary figures.
The figure falls well below a €1.29bn average profit forecast by analysts.
Deutsche Bank said net income came to about €600m, down from €1.3bn in the same period a year earlier, and below the consensus estimate of €889m.
It recorded a €6.4bn one-off cost from the restructuring in the quarter.
The bank is due to publish full fourth-quarter results on Thursday.
City A.M. Reporter