The company had revenue of $6.72 billion during the quarter.
Just weeks after ousting chief executive John Cryan and promoting retail banking head Christian Sewing to the top job, Deutsche has outlined a three-step plan to pull back from United States rates trading, reduce corporate finance coverage in favour of European clients and put its equities division under review.
James von Moltke, chief financial officer at Deutsche Bank, says USA operations will be shrinking.
In a letter to employees that was published on the bank's website alongside the announcement, Sewing hinted at upcoming changes to the company, including pulling back from "not sufficiently profitable" areas in its investment banking business.
Deutsche Bank's Management Board has agreed on strategic adjustments in its Corporate & Investment Bank.
In a separate statement, the group said the unit would "focus its activities and resources on its European and multinational clients and the products which are most relevant for them, while reducing its exposure to other areas".
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Although radical, Sewing's actions are broadly in line with what was expected from a CEO who was most recently head of private and commercial banking, and whose previous leadership positions were in risk management and audit.
"We believe it is the right strategy especially taking into account the poor results", Kian Abouhossein, an analyst at JPMorgan Chase & Co., said in a note to clients. It joined the ranks of global securities firms with the 1989 purchase of British merchant bank Morgan Grenfell and a decade later purchased Bankers Trust, a NY derivatives house.
Yet the aggressive expansion eventually led to a spate of legal scandals that took Cryan a good part of his three-year tenure to clean up. Deutsche Bank has a 12 month low of $13.52 and a 12 month high of $20.23. His ouster this month also claimed another top executive, Marcus Schenck, a former deputy CEO who had been lobbying for a strong securities unit. The firm presently has a $16.00 target price on the bank's stock.
Deutsche Bank said today that it plans to focus its consumer bank on growing markets like Italy and Spain while in wealth management, the bank will look to grow in Germany and in worldwide markets, Deutsche Bank said. The division saw pre-tax profits plunge 74% year-on-year to €205m.
"We want the focus to be on stabilizing the organization, moving quickly on the decisions we've made and giving clarity to clients in terms of where we are going to continue to participate and where we'll step back", CFO James von Moltke told CNBC's Annette Weisbach in Frankfurt. Sales and trading revenues fell 17% to €2.4bn, with big drops across both equities and fixed income.