March 31, 2012
During the first quarter of this year, business conditions were significantly more stable, after the extreme market volatility which characterized the second half of 2011. Financial markets recovered across the world, against a backdrop of more encouraging news from the U.S. economy, and clear signals of determination on the part of European policymakers and central bankers to tackle the sovereign debt situation in some Eurozone states. Measures to mitigate stresses in the banking system, including the European Central Bank’s long-term refinancing operations, also contributed significantly to more positive market conditions. Equity markets rallied and credit spreads tightened during the quarter. Nevertheless, investors, particularly private investors, remained wary after the market turmoil of last year, and this cautious sentiment affected business volumes. Furthermore, conditions in the global economy remain challenging. In the United States, employment figures showed signs of improvement, but real estate markets remain subdued. In our home market, Germany, the economy proved its resilience, but levels of sovereign indebtedness in some Eurozone states remained very high whilst the pace of economic recovery was modest. Conditions in the world’s mature economies inevitably affected the outlook for export-driven growth in Asia and other emerging markets.
Deutsche Bank’s first-quarter results reflect both the more stable conditions of the quarter, and continued caution in the world’s financial markets and the wider global economy. They also reflect our prudent approach to risk-taking and capital management without jeopardizing our client facing activities. Group net revenues were € 9.2 billion, down 12 % versus the first quarter of 2011. more
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