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Opinion
Elisa Martinuzzi

Deutsche Shuts Its Eyes and Hopes for the Best

Much of the bank’s turnaround plan relies on things outside its control.

Automobiles pass outside the Deutsche Bank AG headquarters at night in Frankfurt, Germany.

Automobiles pass outside the Deutsche Bank AG headquarters at night in Frankfurt, Germany.

Photographer: Krisztian Bocsi/Bloomberg

The final months of a dismal year were predictably bad for Deutsche Bank AG. That Germany’s biggest lender will recover even some of the ground it has lost, a central assumption of its planned turnaround, is far from certain.

Revenue fell for the eighth consecutive quarter during the last three months of 2018, dragged down by a plunge in its key bond-trading business, which trailed many Wall Street peers. The 23 percent decline in revenue from trading fixed-income and currencies compared with an average 17 percent drop among U.S. peers, according to Bloomberg Intelligence.