Morgan Stanley analysts Hubert Lam and Huw Van Steenis have estimated that Deutsche Bank might only raise €1bn from the proposed sale of its global asset management businesses, which looks after €400bn. The figure is much lover that the €2.5bn valuation suggested by Goldman Sachs last month.

Their range of estimates in a research note, published today, lies between €1bn and €2bn, suggesting an average expectation of €1.5bn. This compares to an average of €2.5bn put forward by Goldman Sachs analysts last month, based on their broader expected price range of between €1bn and €4bn.