Deutsche Bank is bracing for a record pre-tax loss of 6 billion euros (£4.40 billion) in the third quarter, as new boss John Cryan is drawing a line under his predecessor’s performance. The bank, Germany’s flagship lender, is taking massive writedowns at its investment banking unit and on two assets earmarked for disposal, its Postbank retail bank and the stake it owns in China’s Hua Xia Bank. It is also setting aside more money for litigation, Deutsche Bank said in a statement late on Wednesday.
