FRANKFURT ( TheStreet) -- Deutsche Bank ( DB) said Tuesday it wouldn't achieve its target of 2011 pretax profit from its core businesses of €10 billion ($13.21 billion).

Germany's biggest bank said it would record impairment charges of €250 million from its exposure to Greek debt. It recorded charges of €155 million from Greek debt in the second quarter.

The bank also said it would cut 500 jobs, mostly outside Germany.

In a statement, Deutsche Bank said the intensifying sovereign debt crisis "led to sustained uncertainties among market participants" in the third quarter, reducing volumes and revenue at its corporate banking and securities division.

It did say, however, it would be profitable in the third quarter.

-- Written by Joseph Woelfel

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