What do you guys think about this? Can anyone confirm?

animalz's picture
Rank: King Kong | 1,649

Received this on my old email address some 10 hours ago:

Frankfurt am Main, 18 December 2013

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today announced
it intends to restate its financial statements for 2012 and
the first three quarters of 2013. As a result of an internal
audit of the company's capital expenditure accounting, it
was determined that certain transfers from line cost expenses
to capital accounts during this period were not made in
accordance with generally accepted accounting principles.
The amount of these transfers was EU4,435 million for 2012
and $2,310 million for first three quarters of 2013.
Without these transfers, the company's reported net revenue
would be reduced to EU29,306 million for 2012 and EU20.241
million for first three quarters of 2013, and the company
would have reported a net loss for 2012 and for the first
three quarters of 2013.

The company promptly notified notified KPMG SA, which had
audited the company's financial statements for 2012 and
for the first three quarters 2013, promptly upon discovering
these transfers. On Tuesday 17, KPMG advised Deutsche Bank
that in light of the inappropriate transfers of line costs,
KPMG's audit report on the company's financial statements
for 2012 and KPMG's review of the company's financial
statements for the first three quarters of 2013 could not
be relied upon.

The company will issue unaudited financial statements for
2012 and for the first three quarters of 2013 as soon as
practicable. When an audit is completed, the company will
provide new audited financial statements for all required
periods. Also, Deutsche Bank is reviewing its financial
guidance.

The company has terminated Stefan Krause as chief financial
officer. The company has accepted the resignation of Henry
Ritchotte as chief operating officer.

Deutsche Bank has notified the Federal Financial Supervisory
Authority (BaFin) of these events.

The expected restatement of operating results for 2012 and 2013
is not expected to have an impact on the Company's cash
position and will not affect Deutsche Bank's customers or
services.

"Our senior management team is shocked by these discoveries,"
said Jurgen Fitschen, Deutsche Bank Co-CEO. "We are committed
to operating Deutsche Bank in accordance with the highest
ethical standards."

"I want to assure our costumers and employees that the
Deutsche Bank group remains viable and committed to a
long-term future. Our services and products are in no way
affected by this matter, and our dedication to meeting
costumers needs remains unwavering," added Fitschen. "I and
the management team strongly commit to driving fundamental
change at Deutsche Bank."

Thanks.

Region: 

Comments (3)

Dec 18, 2013

Interested

Dec 18, 2013

Looks like a "slander-attack" against the CFO and DB has denied the validity of the story.

Article is in German so translate is advised: http://www.finance-magazin.de/persoenlich-personal...

Dec 19, 2013
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