Deutsche announces weak results after anointing Ackermann heirs

Deutsche Bank became another investment-banking casualty during the second quarter, as it took a hit from lower sales and trading volumes. The German bank announced the results just one day after naming Juergen Fitschen and Anshu Jain as successors to Josef Ackermann as co-chairmen of the board.

Net profit for the quarter reached 1.2 billion $1.7 billion, up marginally over the first quarter and flat year-on-year.

“In the current period, many flow businesses were adversely impacted by the continued uncertain macro environment, leading to lower volumes,” explained Deutsche while announcing the results.

Revenues in rates, money markets and foreign exchange were all lower...