FRANKFURT (Standard&Poor's) Oct. 30, 2008--Standard&Poor's Ratings Services today commented on the third-quarter earnings release of Deutsche Bank AG (AA-/Negative/A-1+). The group's pretax income was €93 million in a challenging quarter. However, pretax income would have been about €1 billion lower, excluding the reclassification of certain trading assets and those available for sale into the loans and receivables category--under International Accounting Standard No. 39 and International Financial Reporting Standard No. 7--and excluding fair-value gains on own debt. The bank has announced that its corporate banking and securities division posted a pretax loss of €789 million, including the benefit from asset reclassification of €820 million. This loss stemmed mainly from higher-than-expected losses from proprietary trading of €1.3 billion
