Deutsche Bank, Germany's biggest bank, said Wednesday that writedowns and legal costs hit its 2012 earnings harder than expected and it has now been forced to restate last year's profits.
"New developments related to specific existing legal matters have occurred after the disclosure of (our) preliminary, unaudited 2012 results on January 31," Deutsche Bank said in a statement.
"Based on these developments ... the bank has increased its provisions for litigation by 600 million euros ($774 million) to 2.4 billion euros.