Deutsche Bank AG provided earnings guidance for the fourth quarter and full year 2017. The company expects to recognize an approximate EUR 1.5 billion non-cash tax charge in the group's consolidated IFRS financial results for the fourth quarter 2017 from a valuation adjustment to its U.S. Deferred Tax Assets (DTA). This adjustment reflects an estimate of the impact of reducing the federal tax rate applicable to Deutsche Bank's U.S. operations to 21% from 35% previously. As a result, Deutsche Bank expects to record a small full-year after-tax loss on an IFRS basis. The revaluation of U.S. DTA is expected to reduce the fully-loaded Common Equity Tier 1 ratio by approximately 10 bps and is not expected to impact Deutsche Bank's ability to make scheduled payments on its Additional Tier 1 securities. Effective January 1, 2018, the reduction in the U.S. federal tax rate to 21% is expected to reduce Deutsche Bank Group's effective tax rate on average to the lower end of its previously communicated 30-35% range, based on the current mix of taxable income. Although Deutsche Bank expects to report positive IBIT for the full year, it expects to report negative IBIT for the fourth quarter before taking into account combined restructuring and severance costs and litigation charges that are currently anticipated to be approximately EUR 0.5 billion in the quarter. This reflects the weak revenue environment, elevated adjusted costs currently anticipated to be broadly in line with the prior year period, and a loss on sale from the recently announced disposal of the Polish Private & Commercial Bank business.