Deutsche Bank predicted a bleak future for the global economy and its industry as the one-time engine of its business, debt trading, broke down and the bank plunged to a loss in 2008.
The German financial flagship made a pre-tax loss of €5.7 billion last year amid heavy writedowns and as revenues from the trading of debt and other products dived from €8.4 billion ($11 billion) to €124 million.
It had made a pre-tax profit of €8.75 billion in 2007.
"Looking forward, we see continuing very difficult conditions for the global economy, posing significant challenges for our clients and for our industry," Chief Executive Josef Ackermann said in a statement today.
"We are very disappointed at our fourth quarter result, and at the consequent full year net loss in 2008," he added, citing "completely unprecedented" market conditions that exposed weaknesses in its business model.
Mr Ackermann, who once proclaimed the crisis for the bank over before it had really begun, has repeatedly said Deutsche does not want state help to get it through the storm.
Although he has welcomed the concept of a so-called bad bank - a government-backed warehouse for foundering assets - the chairman of the global banking association IIF has insisted Deutsche itself does not need one.
Insiders are sceptical, however, that the bank will be able to stick to this stance should markets stay rocky in 2009.
Reuters