German to €1.5 billion US tax authority hit

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Deutsche Bank is a €1.5 billion (£1.3 bn) calculate the following changes to the US tax code, which does not mean it is a profit for the year 2017.

The bank said its trading revenue in the fourth quarter also declined about 22% year-on-year, amid low volatility and fewer of the activities of the customer.

The share of the German fell by almost 6% after the announcement.

The German lender also posted annual losses in 2016 and 2015.

The German has, in previous years, with hefty legal costs in connection with money-laundering charges, in addition to other injuries, but had hoped to turn a profit in 2017.

On Friday it was said the tax changes to lead to a “small full-year pre-tax loss”.

Several large companies have announced, one-time hits by the changes to the US tax code, cutting the corporate tax rate from 35% to 21%.

In the long run, the companies expect to benefit from lower prices.

But the changeover has led to many companies, a further revaluation of deferred tax assets that are tied to the deduction of the losses from the past, and can be used to reduce future tax payments.

As well as Deutsche, Morgan Stanley said it expects the changes in its deferred tax assets lead to a $1.25 billion hits.