Deutsche Bank, which distinguished itself as one of the few large investment banks to increase revenues from fixed income sales and trading in the third quarter, fell back down to earth in the final three months of the year with revenues from the division down 39% – more than most of its rivals.

Fixed income, currencies and commodities brought in €1.6bn in the fourth quarter, 30% down on the previous quarter. Stripping out net mark-ups of €200m related to provisions against monoline insurers, and factoring in a €90m write-up in the third quarter, the decline was 39%.