Strong performances in foreign exchange and commodities failed to prevent Deutsche Bank’s corporate banking and securities division seeinga 93% drop in pre-tax profits to just €70m – its worst three months since it made a loss at the end of 2008.

Profits in the three months to the end of September fell from €969m in the second quarter - and were also 94% down on their level in the third quarter last year - as "deteriorating macro-economic conditions and ongoing concerns about the European sovereign debt crisis" exacerbated volatility and stymied client activity across several products, Deutsche said in its quarterly results statement today.