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Frankfurt — Deutsche Bank reported the biggest gain in fixed-income trading in almost eight years as a market rally bolstered CEO Christian Sewing’s turnaround efforts for a third straight quarter.

Income from buying and selling debt securities rose 39% from a year earlier, offsetting weaker revenue in asset and wealth management, the lender said on Wednesday. While its traders could not quite keep up with the five biggest Wall Street banks, which roughly doubled fixed-income revenue, their gain was the biggest since the third quarter of 2012. Revenue from advising on stock and bond sales as well as mergers increased 73%...

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