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.

German politicians yesterday unanimously criticised the Deutsche Bank co-CEO Juergen Fitschen, following reports he had called a senior politician to complain about a raid on the bank’s Frankfurt headquarters last week.

The former head of BMW’s South African operations has been given the job of running the company’s Rolls-Royce luxury car division