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Deutsche in red after fresh writedown
Independent, The (London), Apr 30, 2008
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*Germany's top bank suffered its first quarterly loss since the collapse of the dot.com bubble yesterday as the credit crunch sapped the financial industry's strength. Deutsche Bank wrote down $2.7bn (2.14bn) of property-based assets and abandoned its 2008 profits target.Revenue at Deutsche's investment bank arm slumped to $880m in the quarter from $6.1bn a year ago. The bank posted a pre-tax loss of $254m in the first quarter, compared with a $3bn profit a year earlier. Europe's biggest insurer, Allianz, also wrote down $900m.
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