Deutsche Bank’s hiring spree of senior dealmakers saw its M&A revenue jump by nearly 80% in 2024, but costs weighed on overall profit at the German lender.

It posted revenue of €2bn within its investment banking division for 2024, which was up by 61% and ahead of market predictions. The increase was driven by its core debt capital markets unit, which surged by 82% to €1.3bn as companies look to refinance debt ahead of the US presidential election in November.