LONDON — Two of Europe’s largest financial institutions reported on Tuesday that profit plunged in the second quarter as the banking industry continues to struggle with the debt crisis.
Deutsche Bank of Germany and UBS of Switzerland both were hit by drops in trading activity, which weighed on the firms’ investment banking units. The banks warned that continued market volatility related to the crisis would most likely affect future growth.
Deutsche Bank’s net income fell 46 percent, to 661 million euros ($811 million), during the second quarter of 2011. UBS’s profit, which also reflects a loss on the Facebook offering, declined to 425 million Swiss francs ($435 million), a 58 percent drop.
Source: Dealbook - NYtimes