Meantime, revenues at the bank slipped 9.6 percent to 6.8 billion euros. And von Moltke said that while an improvement in the bank’s revenues depended on investor engagement, as well as other events, Deutsche Bank would need to “manage costs carefully” until that time.
The decline in revenues had been widely expected as low market volatility, depressed trading volumes and a stubbornly low-interest rate environment have hit banks globally in recent months.
Deutsche Bank’s third-quarter revenues also showed the German bank was lagging behind its U.S. peers. When asked about its performance in relation to the lender’s U.S. rivals, von Moltke insisted that Deutsche Bank’s fixed income performance in the third quarter was “very much in line” with the bank’s stateside peers.
However, he conceded that in terms of equities the lender had fallen behind its rivals in the three months through to September.
Major U.S. investment banks’ bond trading revenues dipped 22 percent on average, Reuters reported, when compared to the same period in 2016. Revenues in Deutsche Bank’s bond trading division slumped 36 percent in the third quarter due to reduced market volatility and decreased client activity.
