FICC lifts Deutsche’s results, but UBS suffers
Deutsche Bank and UBS posted third quarter results this week, continuing the patchy performance seen in many of the US investment banks that reported numbers last week. Advisory revenues improved at both firms, and fixed income trading was a highlight at Deutsche. But even a startling rise in DCM revenues at UBS was not enough to stop its investment bank from posting another loss.
Pre-tax profits at Deutsche Banks investment bank rose 11% year-on year to Eu1.3bn in spite of a 2% fall in revenues. The performance was better than most of its peers, with only Citigroup having so far reported a larger profit surge. Quarter-on-quarter, profits rose 5% at Deutsche.
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