German Bank Writes Down Loss
April 1, 2008
The German Deutsche Bank has released information that it will write down at least $4 billion of its debt in the first quarter of the year. This is attributed to the dismal financial conditions occurring within worldwide financial markets.
The bank itself is stating that it was caught inside the fallout of the US subprime economic crisis, and it has loss of two billion Euros. This write down will be mostly in the area of commercial real estate, loans, or mortage-related securities.
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