First-quarter profits at Deutsche Bank have halved after the bank was hit by a record fine, and comes in advance of a long-awaited restructuring that could lead to job losses among City traders in London. The German lender, which, with 6,000 employees, is one of the biggest investment banking houses in the Square Mile, has reported a first-quarter net profit of €559 million, down from €1.1 billion the year before.
This was despite generating near-record revenue of €10.4 billion, up 24 per cent after stellar performances from the investment banking and asset and wealth management operations.
Deutsche’s results disappointed analysts, who had forecast that the lender would generate net profit of about €770 million off €8.9 billion of revenue. However, the figures had been compiled