Back in January, Deutsche Bank reported what were variously described as “horrible,” “grim” results. The net loss for 2015 came in at roughly $7 billion, the first annual loss since the crisis. The abysmal year was capped off by €2.1 billion of red ink in Q4 of which some €1.2 billion was attributable to litigation.

The Q4 breakdown – which came a few days after CEO John Cryan initially reported how bad 2015 truly was – was a nightmare. Revenues plunged 30% in corporate banking and securities where provisions for credit losses jumped from just $9 million in Q4 2014 to $115 million. Citi questioned whether the bank’s investment bank model is in “structural decline.”

“We think that the bank is in for another difficult year in that guidance is that ‘2016 peak restructuring year’,” BofA said, adding that “it looks like revenues are under a lot of pressure, yet adjusted costs are guided to be flat with another €1bn of restructuring costs.” Citi sees an additional €3.6 billion in litigation for 2016. READ MORE