Deutsche boss says 2016 worst start to a year for banking he's seen

Pulling Hair

Deutsche Bank's finance chief said the first two months of 2016 were the worst start to a year for banks in general that he has seen in his banking career.

"That has left its marks on our business," Marcus Schenck told German daily Boersen-Zeitung in an interview published on Tuesday. "All operations which are close to capital markets are affected," he said, echoing remarks from Chief Executive John Cryan last week.

Reuters reports that trading and wealth management operations have seen a significant drop from year-earlier levels in the first two months, Schenck said. He also said that March was proving to be much better.

Schenck said difficulties in finding counterparties also meant that Deutsche was unable to offload as many assets as planned as part of its strategy to cut its balance sheet to comply with bank rules.

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