Deutsche Bank earnings slump 46%

EurosDeutsche Bank has said that its earnings fell 46% in the second quarter as the eurozone debt crisis hurt investment banking activity and revenue from trading securities.

Net earnings fell to 661 million euro (£516 million) from 1.233 billion euro (£963.3 million) in the same three months a year ago. Revenues were down 6% to 8.0 billion euro (£6.25 billion).
The earnings statement was the first reported under new co-chief executives Anshu Jain and Juergen Fitschen.

They said: "The European sovereign debt crisis continues to weigh on investor confidence and client activity across the bank."

European governments such as Spain and Italy are struggling with high levels of debt, and the prospect they might default or need bailouts has unnerved markets.

The earnings release added detail to an early release of a few figures last week.

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