FX a highlight in tough Q1
Last Tuesday (April 29), Deutsche Bank revealed credit-related writedowns of €2.7 billion in its investment bank division. Chairman Josef Ackermann described first-quarter financial market conditions as "the most difficult in recent memory".
Sales and trading revenues in debt and other products, including foreign exchange, generated revenues of €1.3 billion for the quarter, a 61% decrease on record 2007 Q1 revenues. This included net markdowns of €885 million on residential mortgage-backed
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