Deutsche Bank’s share price plunged four per cent this morning after the German firm reported a 10 per cent fall in revenues in its second quarter.
Chief executive John Cryan admitted “profitability falls short of our longer term aspiration” and “revenues were not as universally strong as we would have liked”.
Revenues for the second quarter were reported at €6.6bn (£5.9bn), down from €7.4bn in the same period last year.
The bank’s pre-tax profits, meanwhile, came in at €822m, more than double the €408m reported in the second quarter of 2016.
Also in the last year, the bank’s full-time headcount has been reduced by 4,659 to 96,652.
At the time of writing, Deutsche Bank’s share price was down four per cent to €15.98.
What the company said
“Profitability is significantly better than a year ago. We made good progress in bringing costs down and continued to attract net money inflows from clients,” said chief executive Cryan.
“Despite the significant improvement, this level of profitability falls short of our longer term aspirations.
“Revenues were not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets. As we modernise our bank we are turning our focus onto building profitable growth.”