Deutsche Bank profits tumble in first quarter

Frankfurt am Main (AFP) – Germany’s biggest lender Deutsche Bank reported a slump in profits in the first quarter, with its bottom line shrinking 79 percent year-on-year to 120 million euros ($146 million).

The group added that it plans deep cuts to its biggest unit, the corporate and investment banking division, to “focus its activities and resources on its European and multinational clients and the products which are most relevant for them”.

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