Deutsche Bank Vows to Defend Fixed-Income Trading After Cuts
- Business records weakest second quarter since financial crisis
- Overall revenue stabilizes in quarter while costs decline
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Deutsche Bank AG vowed to maintain its position in fixed-income trading after recording its weakest second quarter in that business since the global financial crisis, as Chief Executive Officer Christian Sewing accelerates the lender’s turnaround effort.
Income from buying and selling fixed-income securities slumped 17 percent from a year earlier to 1.37 billion euros ($1.6 billion), the lowest figure for the period since 2008, Germany’s largest bank said on Wednesday. The five largest U.S. investment banks saw total debt trading revenue rise by 6.7 percent over the same timespan.