Frankfurt — Deutsche Bank reported a 30% slump in third-quarter trading revenue, twice as much as the decline at its US peers, as Europe’s largest investment bank keeps losing ground to rivals. The slump, driven by lower fixed-income trading, contributed to a 10% decline in revenue, the third straight quarter of contraction, Deutsche Bank said on Thursday in a statement. Net income more than doubled to €647m, beating the €278.6m average estimate of seven analysts, as the lender slashed noninterest expenses by 14%. "The question of investment banking revenue weakness won’t go away," said Ingo Frommen, an analyst at Landesbank Baden-Wuerttemberg. "The trading results were very negative and they won’t silence the discussion about how management can get a handle on this issue." CEO John Cryan has come under pressure from investors as he struggles to deliver on a pledge made in March, when he unveiled the bank’s third strategy in as many years, to return to "controlled" growth. While he ...
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