FRANKFURT (Reuters) - Nervousness about the outcome of the French elections has weighed on Deutsche Bank’s (DBKGn.DE) trading business this month, Chief Financial Officer Marcus Schenck said.
“We have seen April being a bit weaker (in trading revenues) than April last year,” Schenck said on a call with analysts discussing first-quarter earnings.
“We’ve seen some recovery during the course of this week,” he said, adding that many investors had felt relief after the first round of the French elections, where Emmanuel Macron emerged as a potential winner in the French presidential election.
Schenck said that at its investment bank Deutsche lost business accounting for 10 billion euros in “productive risk-weighted assets” during its reputational crisis last year and hopes to rebuild that during the course of 2017.
“We see business returning. But a lot of that has not yet really translated into revenues,” he said.
Reporting by Arno Schuetze and Tom Sims