Ackermann cautious on writedowns

Deutsche Bank AG reported a greater-than-estimated 2.3 billion euros of debt writedowns in the second-quarter and Chief Executive Officer Josef Ackermann said he "remains cautious" on the rest of the year.

Germany's largest bank fell as much as 1.5 percent in Frankfurt trading after net income slumped 64 percent to 649 million euros, according to a statement from the Frankfurt-based company yesterday.

The securities unit posted a pretax loss of 311 million euros, twice what analysts estimated, on markdowns of mortgage securities, loans and debt backed by bond insurers. The bank skirted the worst of the subprime contagion, which led to record losses and capital raisings at UBS AG and Merrill Lynch & Co.