In what Deutsche Bank called a “record full year,” its private clients and asset management division posted EUR2.5 billion of income before income taxes on Thursday.
Those results include EUR1.8 billion of income before income taxes for the private and business clients unit. That group’s results came with a half-billion euro loss tied to Greek government bonds and a one-time EUR0.3 billion credit from the firm’s stake in Hua Xia Bank. The Greek bonds and lower revenue from investment products hit the asset management and private wealth management businesses in the fourth quarter, the firm said.
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