Deutsche succumbs to crisis with €141m Q1 loss

Deutsche Bank chalked up losses of €141 million for the first quarter of 2008, after digesting a €2.7 billion writedown on leveraged loan commitments, commercial real estate and residential mortgage-backed securitities (RMBS) exposures, the firm has announced.

Net revenues across several business lines declined dramatically during the first three months of 2008, with Deutsche's corporate and investment banking arm seeing just €1.5 billion in turnover after posting revenues of €6.7 billion for the same period last year.

Results were even worse in the corporate banking and securities division, which recorded turnover of €880 million versus €6.1 billion for the first quarter of 2007. The bank attributed falling business volumes to "depressed client

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