Deutsche Bank said on Tuesday its full-year pre-tax profit target of €10 billion (£8.6 billion) is no longer realistically attainable.
The German banking giant said it faces roughly €250 million in impairment charges linked to Greek sovereign debt and that it plans to cut roughly 500 jobs.
Analysts had expected lower earnings than the €10 billion pre-tax profit for the full year from core businesses, excluding one-off factors that Deutsche Bank had previously forecast, Reuters reports.
Since September, half the 34 analysts following Deutsche Bank have revised their full-year earnings estimate downward, by an average of 10.3 percent, Thomson Reuters Starmine shows.
Deutsche Bank was seen posting a 2011 pre-tax profit of €7.72 billion, according to Starmine's SmartEstimate. That included one-off charges and corporate investments, areas Deutsche Bank has excluded from its target definition.
Sign up for CIO Asia eNewsletters.