Deutsche Bank: No New Write-downs

On the day he turns 60, Josef Ackermann must feel he has reached some sort of summit. The reason isn’t his age; it’s the fact that Deutsche Bank, the bank he runs, has just been able to announce quarterly earnings with barely a hint of a subprime-related write-down.

Sure, profit for the fourth quarter dropped 48%, to 954 million euros ($1.4 billion), from 1.8 billion euros ($2.6 billion) last year, but the market had expected less than this and sent shares in Deutsche Bank (nyse: DB - news - people ) up 1.4%, or 1.36 euros ($1.99), to 76.34 euros ($111.60), on Thursday morning in Frankfurt.

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- Posted: 2008-02-07 09:32:34

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