Deutsche Bank ekes out profit, refocuses investment bank

FRANKFURT – Deutsche Bank reports that its profit fell to 120 million euros ($146 million) in the first quarter as exchange rates and lower revenues at its investment bank weighed on profits.

The bank, which is struggling to cut costs and return to profit after three straight full-year losses, said Thursday it would reduce the number of its top managers and take steps to refocus its investment banking operation on its European base.

The first quarter result compared with 575 million euros in the same quarter a year ago. It was an improvement from a 2.4 billion loss in the last quarter.

Revenues fell 5 per cent to 6.98 billion euros ($8.5 million). The bank said much of the decline resulted from the euro’s rise against the dollar.