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The problems at Deutsche Bank cannot be fixed in just a few years, after decades of bad management, a portfolio manager told CNBC after the German lender posted its third consecutive annual loss.

Deutsche Bank disappointed markets Friday morning when it reported a worse-than-expected net loss of 2.2 billion euros ($2.75 billion) for the fourth quarter of 2017. Reuters analysts had forecast a net loss of 1.25 billion euros.

For the full year, Deutsche reported a 497 million euro loss, compared to a 290 million euro loss that Reuters analysts had estimated. This marked the third consecutive annual loss for the bank.

Ingo Speich, senior portfolio manager at Union Investment, who holds shares in Deutsche Bank, told CNBC on Friday: “You cannot fix a business within two to three years when it has been mismanaged for two decades,” I

“From this perspective, (Deutshe Bank CEO John) Cryan needs some more time. It’s interesting to see if capital markets are so patient,” Speich said.

Cryan has been chief executive since July 2015. On Friday, he had to explain how the bank has been unable to make a profit, while also deciding to hike bonuses.

“Investors have to ask the bank if payment of bonuses in these days is the right one,” Speich said. “I doubt if investors are very happy with the bank and bonus environment if there is no dividend for the investor.”

The board hasn’t made a decision about its 2017 dividend. The bank suspended its dividend in 2015.