Deutsche Bank has had a 'slow' start to the year in its investment banking business, due to market uncertainty related to the crisis in Ukraine and concerns about economic growth in China and Germany, it said on Thursday.
Reuters reports that the comment from the bank adds to warnings from rivals JPMorgan and Citigroup that this year has got off to a weak start for investment banks, continuing a slowdown seen in the second half of last year.
'To us, the year started slow. Obviously through political uncertainty we started to have market uncertainty again and a slowdown in business', Deutsche Bank's chief financial officer Stefan Krause said on Thursday.'"Ukraine, the data from China caused some slowdown ... We had some ups and downs in Germany on data as well', Krause told reporters on the sidelines of a banking conference in Paris, organized by The Economist magazine.
Krause said Deutsche Bank still sees positive results for the whole year.
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