Barclays, Deutsche Bank face slowdown at investment banks

London

BARCLAYS plc and Deutsche Bank AG, both in the midst of overhauling their investment-banking operations, are facing an even tougher slog to boost profitability as market turbulence threatens to undermine revenue.

Barclays said on Thursday it's accelerating a plan to focus on "core strengths and running the business for returns", while shutting offices in nine countries. Deutsche Bank, based in Frankfurt, said on Wednesday that revenue dropped about 16 per cent in the fourth quarter from a year earlier, driven by its securities unit, Europe's largest.