Record trading profits failed to bring loss-making Dresdner Bank into the black as parent Allianz, the German insurer, recorded a €520m ($595m) net loss in the first quarter.

Allianz, which wrote down investments by more than €2bn during the quarter, said that Dresdner might not be profitable at all this year.

Dresdner stays in the red as Allianz posts quarterly loss

Piers Townsend

Allianz

Deutsche Bank

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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The private-equity firm’s profit rose amid what its executives called the best environment for selling assets in years.

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A weekly call turned into a celebration of heroes as staffers comfort one another through lingering trauma.

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Gold prices are climbing as the threat of a U.S. economic slowdown becomes increasingly real.

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The appointment rewards the executive who led the bank back from a scandal involving the creation of millions of fake customer accounts.

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