Deutsche Bank Dazzling Deutsche

Deutsche Bank needed to make the best of the first quarter – traditionally its strongest trading period – to have a chance of hitting its 25% return-on-equity target this year. And, boy, it has. In common with the US brokers, Deutsche made hay in the debt markets. Sales and trading revenues were up 26% year-on-year. Origination and advisory revenues were up too – in marked contrast to ABN Amro, the only other European investment bank to have reported so far. All in all, Deutsche’s corporate and...