Deutsche Bank records 'solid' first quarter

Germany's largest lender, Deutsche Bank, is expecting a "solid" first quarter amid robust revenues and progress in its cost-cutting drive, one of its co-chief executives Anshu Jain said Thursday. In a speech given in London and broadcast on Deutsche Bank's website, Jain said the group "expects our first quarter to be solid across all businesses, driven by robust revenues similar to last year's performance." Deutsche Bank's revenues in the first three months of 2012 amounted to 9.19 billion euros ($11.9 billion). The bank is benefitting from a "sharp drop" in market volatility, Jain said. "Overall, the trend is far lower volatility, far higher equity markets" and that had led to "relatively robust volumes, especially in foreign exchange and fixed income. There was an increase in corporate activities as well," he said. Jain's optimism cheered investors and Deutsche Bank shares were among the top gainers on the Frankfurt stock exchange on Thursday, adding 1.03 pecent in a generally softer market.