© Kai Pfaffenbach / Reuters
Deutsche's share price fell by four percent on Wednesday after the announcement. Analysts' predictions had varied from more than a billion euro loss to half a billion profit.
Deutsche Bank chief executive John Cryan warned about the possibility of further cuts.
"If the current weak economic environment persists, we will need to be yet more ambitious in the timing and intensity of our restructuring," he said on Wednesday.
Overall, Deutsche Bank's shares have lost about 44 percent of their market value in 2016. This is partly due to increasing skepticism about the bank's position in the market and $14 billion in fines.
Revenue is down 20 percent in the three months, partly because of the Brexit vote. The investment bank slid 28 percent. At the same time, revenue from Deutsche's foreign exchange business was flat, even though there was increased client demand for currencies in the wake of the British decision to leave the EU.
Cryan was given the job of chief executive last year to implement cutbacks at the bank, including reducing dividend payments to shareholders, axing thousands of jobs and selling assets.
Deutsche has been trying to reassure investors it can boost its capital levels and pay coupons on some debt securities. However, the bank failed to sell a stake in China's Huaxia Bank in the second quarter, a crucial deal in its sale of assets.
The bank intends to complete the sale in the second half of the year, adding about 40 basis points to the capital ratio, the company statement said.
In retrospect Buffet may have had forward knowledge when he referred to derivatives as being weapons of mass destruction. Most people only consider the plain vanilla open exchange traded variety and don't count OTC derivatives that may be weighing heavily on banks' books and in various pension funds. Being so interconnected there must come a point when they cant offload their exposure on to others.