Deutsche Bank reduced its exposure to problematic commercial real estate loans to less than half its previous size in 4Q08, but it still estimates it will take a €4.8 billion ($6.3 billion) after-tax loss for the period from other writedowns.

The German company said its commercial real estate loans (held on a fair value basis, net of risk reduction) had declined to less than €3 billion by the end of the fourth quarter from €8.4 billion euros at the end of the third.

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