(Bloomberg) Deutsche Bank AG said second-quarter revenue dropped at its prime finance unit, extending a slump beyond businesses that Germany’s largest lender is seeking to exit as client concerns added to volatile markets.
The prime finance division, which caters to hedge funds, booked a drop in revenue in the second quarter, driven by lower “customer balances, lower client activity levels and market uncertainty,” the bank said in its earnings statement Wednesday. The business sits within its equity sales and trading unit, which posted a 31 percent decline in second-quarter revenue to 720 million euros ($791 million).
