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It s not looking good for Deutsche Bank. Having spent most of last month coaching fellow bankers on the benefits of transparency and the importance of coming clean when it comes to subprime fuss, Deutsche CEO Josef Ackermann was surprisingly quiet on Monday morning. Germany s biggest bank, reported Reuters, was preparing to take as much as E1.7bn in writedowns on its loan portfolio. We have no comment said a spokesperson.

Ackermann said on Friday: Because these loans could not be placed anymore, we have to value them differently and that acts as a drag on our success in the third quarter. Apparently, Deutsche s business model was structured to deliver performance in the face of such challenges.

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