Deutsche Bank abandoned its 2011 profit forecast and announced plans to eliminate 500 jobs as market volatility and unexpected costs on an indirect tax position weighed on third-quarter earnings.
Deutsche Bank still expects to post a profit for the quarter ended September 30th and forecast "a robust earnings level for the full year," the Frankfurt-based company said in a statement today.
The bank predicted the "best pretax profit ever" for its classic banking businesses.
Stefan Krause, Deutsche Bank's chief financial officer, told reporters in Frankfurt last month that the company is still "fighting" for its goal of generating €10 billion in operating pretax profit this year as concern over Europe's sovereign-debt crisis roils markets.
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