Germany’s biggest bank predicts challenging year ahead

Deutsche Bank, Germany’s biggest bank, said this year will be challenging after a surge in legal costs and lower debt-trading revenue spurred a surprise fourth- quarter loss.

Depressed interest rates in Europe and declining demand for banking services are also among the headwinds the bank is confronting in 2014, co-chief executive Anshu Jain said on a conference call with analysts from Frankfurt.

Deutsche Bank, like competitors including UBS, has faced probes into matters such as alleged manipulation of interest rates and currencies.