Deutsche Bank co-chief executive Anshu Jain warned a month ago that the bank's debt-trading revenue would "decline significantly" in the third quarter. Today, the bank put a number on that decline, with revenues almost half what they were a year ago.

In its results for the three months to September 30, Deutsche Bank said that revenues from sales and trading (debt and other products) - known elsewhere as fixed income, currencies and commodities - fell 48% year-on-year to €1.3 billion. This was the lowest figure since the fourth quarter of 2011.