Deutsche Bank's quarterly pretax profit missed expectations, hit by lower trading volumes just as the flagship lender named Anshu Jain and Juergen Fitschen co-chief executives.

Germany's biggest lender said today that second-quarter pretax profit rose 17 per cent to €1.8 billion, compared with a forecast for €1.97 billion in a Reuters poll.

While it said it was still confident it could reach its 2011 target of €10 billion pretax profit, it may miss the profit goal for its Corporate Banking & Securities division due to the European debt crisis.

Reaching the aim of €6.4 billion 2011 pretax profit in the division would depend on swift and sustained resolution of the European sovereign debt crisis and a return to a significantly improved operating environment in the second half of this year.

Second-quarter net profit remained flat at €1.2 billion.

Anshu Jain, the 48-year-old Indian-born head of Deutsche Bank's investment bank, will share power with Juergen Fitschen, the 62-year-old native German responsible for business in Europe's largest economy, the bank said yesterday.

Deutsche Bank said its core businesses of private clients and asset management and the corporate and investment bank delivered a pretax profit of €5.5 billion in the first half of 2010.

Reuters