Deutsche Asset & Wealth Management (DeAWM) saw their pre-tax income drop 23% in the first quarter of 2014, totalling at EUR 169 million compared to EUR 219 million in the previous quarter.
This decrease was attributed to lower revenue due to reduced performance and non-recurring items, such as transaction fees. In addition, net revenues fell to EUR 1.1 billion in the quarter, EUR 177 million, or 14%, lower than in the same period in the previous year.
Overall, Deutsche Bank saw underwhelming results as their pre-tax income totalled at EUR 1.7 billion, a 30% drop from the same time last year. Moreover, net revenues fell 11% year-over-year to hit EUR 8.4 billion, largely due to a decline in the Corporate Banking & Securities arm.
Jürgen Fitschen and Anshu Jain, co-chief executive officers, said: "Our core businesses all contributed to a resilient performance in the quarter, which enabled us to grow our common equity base by over EUR 1 billion. Deutsche Asset & Wealth Management produced solid underlying results and positive net money flows while simultaneously progressing business integration."