by John Rubino
These are shockingly bad times for big banks, especially when you consider that the overall economy is supposed to be fairly healthy. The latest example is Germany’s Deutsche Bank:
(CNBC) – Deutsche Bank posted a 58 percent drop in net profit in the first quarter, to 236 million euros ($267 million) compared to the same period last year.
The group posted a revenue decline of 22 percent year-on-year to 8.1 billion euros which it said “reflected a challenging environment and the impact of strategic decisions to downsize and exit certain businesses.”