Deutsche Bank trading picked up in August

Bloomberg

Deutsche Bank said trading accelerated again over the past weeks, one of the few large investment banks to give guidance on the quarter after a strong first half of the year.
“July started off pretty muted for the markets in general,” Mark Fedorcik, who heads the investment bank, said at a virtual conference hosted by Barclays Plc. “We saw good pick up in activity in August and we’ve seen it now in the first two weeks of September.”
The lender is also seeing “robust activity” in parts of the financing unit and in the business of advising on deals and capital raisings, he said. Overall, revenue at the investment bank this year will be in line with last year’s $11 billion, Fedorcik said.
Headed by Chief Executive Officer Christian Sewing, Deutsche Bank is approaching the final stretch of a four-year turnaround plan. Sewing has faced a number of cost headwinds but he has repeatedly reaffirmed his profitability target for next year.