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It was yet another painful year for Deutsche Bank: 2018 began with an unscheduled warning that US tax changes announced at the end of 2017 would lead to an after-tax loss for the full year.
In February, the bank pre-announced that it would not meet its previous adjusted cost target of €22 billion for 2018 and that it was guiding now instead to €23 billion for the year. Reports soon emerged that supervisory board chairman Paul Achleitner was sounding out potential replacements for chief executive John Cryan.
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