Deutsche Bank scraps 2011 profit target

Deutsche Bank said its full-year target of 10 billion euros ($13.3 billion) profit before tax is no longer within reach as the European debt crisis takes its toll on global markets. "The intensifying European sovereign debt crisis led to sustained uncertainties among market participants in the third quarter and thus to significantly reduced volumes and revenues," Chief Executive Josef Ackermann said in a statement on Tuesday.
The bank did not give a revised figure for full-year profit. Deutsche Bank shares fell 5.5 percent by 1000 GMT, underperforming a 4 percent drop in the STOXX Europe 600 Banks Index. The bank's five-year credit default swaps were 21 basis points wider at 212 basis points after the announcement, according to Markit data.