Weaker-than-expected fourth-quarter results in Deutsche Bank’s equity derivatives and structured finance businesses weighed on performance at its investment bank, reflecting the challenges the lender faces to generate profits in core units while slashing costs, according to people familiar with the matter.

Germany's largest bank hasn't disclosed results of those two securities businesses ahead of its earnings report scheduled for January 28. But it warned on January 21 of a year-on-year decline in fourth-quarter revenue in its investment bank, citing "challenging market conditions".