Deutsche Bank’s Slump Deepens as Trading Hit Hurts Revenue
- Top line declines for eighth straight quarter on lower trading
- Bank has first annual profit in four years, steps up cost goal
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Deutsche Bank AG shrank for an eighth straight quarter in the final months of last year, leading Chief Executive Officer Christian Sewing to pledge yet more cost cuts as he seeks to persuade investors his turnaround plan can produce sustainable profits.
In a period that was overshadowed by market gyrations and images of police raiding the bank’s headquarters in November, revenue fell 2.4 percent, led by a slump in the key fixed-income trading business that did worse than peers. Sewing said the bank would return to “controlled” growth, a promise that eluded his predecessor, and said if revenue keeps disappointing, he’ll find more savings.