Deutsche Bank today blamed a "strategic review" of its buyside business for a revenue slump at its newly-integrated Asset and Wealth Management division during the second quarter.

The German bank this morning reported second-quarter pre-tax profits of €35m in Asset and Wealth Management. This figure is 85% down compared to €227m for the same period a year ago. Revenues during the three months to June 30, at €891m, were down 9% on the second quarter of 2011.

Strategy review drags on Deutsche's funds arm

Pre-tax profits and revenues at the newly-integrated Asset and Wealth Management division fell in the second quarter, compared to a year ago

Sophie Baker

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