You are here
Deutsche Bank Q3 trading gains overshadowed by writedowns
[FRANKFURT] Deutsche Bank posted a 20 per cent rise in revenue at its lucrative bond trading business in the third quarter, helping to take the sting out of its previously announced record 6 billion-euro (US$6.6 billion) group pre-tax loss.
Revenue at its Corporate Banking and Securities business rose 2 per cent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets, Germany's largest lender said in a statement on Thursday.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
Chief Executive John Cryan announced late on Wednesday the bank would cancel its dividend this year and next and he seeks to overhaul the bank's performance and end a litany of regulatory troubles.