The after-effects from Goldman Sachs’ first loss in 14 years have spread to European banks, as analysts downgraded their outlook for Deutsche Bank saying the German firm was likely to face pressure to raise capital.

Analysts at specialist investment bank Keefe, Bruyette & Woods downgraded Deutsche Bank from "outperform" to "market perform" in the wake of Goldman Sachs' loss, arguing that the German bank was unlikely to be able to continue its recent outperformance.