Deutsche Bank earnings sag

Deutsche Bank said earnings fell 46 per cent in the second quarter as the eurozone debt crisis hurt investment banking activity and revenue from trading securities.

Germany's largest bank said Tuesday that income fell at its investment banking division as fewer client companies came to the bank for its services helping them issue shares.

It also said that revenue from trading debt securities Ñ one of the investment categories most affected by the crisis — was down.

The company said that was partly due to the company taking "deliberately lower levels of risk" due to subdued trading volumes.

Net earnings fell to euro661 million from euro1.233 billion in the same three months a year ago.

Revenues were down 6 per cent to euro8 billion. A major hit to revenue came at the corporate banking and securities division, where share underwriting and debt trading are located, falling by euro451 million to euro3.5 billion.

The earnings statement Tuesday was the first reported under new co-CEOs Anshu Jain and Juergen Fitschen, who took over from Josef Ackermann in May.

- AP