Thousands more jobs are set to go at Deutsche Bank after its second-quarter profits fell by 76 per cent.
Net profit in the April-June period fell to €205 million, down from €834 million the same quarter the year before.
But the company's chief executive pointed to bright spots in a written statement, saying there is a "stable revenue base".
Mr Josef Ackermann said cost-cutting efforts will see some 13,000 jobs go by the end of next year. The bank had some 97,000 employees before it embarked on the cuts.
Germany's banks have been struggling over the past year, with the four biggest - Deutsche Bank, HVB, Dresdner Bank, and Commerzbank - all announcing job cuts.
Mr Ackermann said Deutsche Bank cut 10 per cent from its overheads during the second quarter, but he did not give more precise figures.
"The current environment is challenging for us all," he added. "Against this gloomy scenario, Deutsche Bank has held up well in the second quarter 2002, demonstrating again the strength of our franchise."
Mr Ackermann said the bank had boosted second-quarter revenues by 8 per cent.
The bank's income statement showed the effect of the plunge in financial markets over the past months. Net income from trading stocks and bonds has fallen 66 per cent.
Falling interest rates have also weighed on earnings. Net interest earnings were down 17 per cent in the same quarter the year before.
PA