Deutsche revenue slide disappoints

DEUTSCHE BANK unveiled disappointing second-quarter figures today, one week after its chief executive Josef Ackermann was cleared in the Mannesmann trial.

Shares in the bank slid 2.27% to e57.8 today after revenue from its fixed income and equity trading operations undershot targets.

Although group profits at Europe's third-biggest bank by assets rose 15% to e656m (£434.6m) it was less than the e768m expected by analysts. With revenue falling 6%, the increase was largely achieved by cuts which stripped costs to their lowest level in three years.

According to some critics, today's numbers are evidence Ackermann has taken his eye off the ball.

For six months this year he stood trial for two days a week on breach of trust charges relating to massive bonuses paid to executives after Vodafone's takeover of Mannesmann, where he was a member of its supervisory board.

Deutsche Bank said yesterday Ackermann had its full support, adding it 'conveys to him its respect for the way in which he fulfilled his professional obligations'.