Deutsche Bank to take €1.5bn US tax hit, meaning it will not make a profit for 2017.

Deutsche Bank will take a €1.5bn (£1.3bn) charge following changes to the US tax code, meaning it will not make a profit for 2017.

The bank said its trading revenue in the fourth quarter also declined about 22% year-on-year, amid lower market volatility and less client activity.
Shares in Deutsche fell nearly 6% after the announcement.
The German lender also posted annual losses in 2016 and 2015.
Deutsche has grappled in previous years with hefty legal costs connected to money laundering charges, among other violations, but had hoped to turn a profit in 2017.

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