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article imageNo upturn in investment banking ops: Deutsche Bank

By AFP     Jan 20, 2014 in Business

Deutsche Bank, Germany's biggest lender, is not expecting its activities in investment banking, its largest division, to improve this year, one of its joint chiefs said Monday.

"I didn't say that we expect 2014 to be materially better than 2013 for the investment bank," co-chief executive Anshu Jain told a telephone conference with analysts.

"If I take a look at the overall outlook for in 2014, we don't see a materially better revenue at this point," Jain said.

The trends that the banking sector has seen since 2013 -- depressed interest rates and low volumes in fixed income products -- "are likely to continue", he warned.

Late Sunday, Deutsche Bank unveiled a surprise net loss of 965 million euros ($1.3 billion) in the fourth quarter of 2013 because of litigation costs and weakening revenues.

For the whole of 2013, the bank posted a net profit of 1.08 billion euros.

Jain said no decision has yet been made regarding the size of dividend that shareholders would receive.

For 2012, Deutsche Bank paid an unchanged dividend of 0.75 euros per share.

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