Deutsche Bank dodged the second quarter fixed income trading slump, with revenues shrinking by 11% as fees from mergers and acquisitions advice more than doubled.

The German lender made revenues of €2.4bn in its investment bank during the second quarter, a decline of 11%, as its dominant fixed income unit fell by the same percentage. But this was better than most of its rivals, with top US investment banks' fixed income units falling by an average of 43% during the second quarter.