Deutsche Bank Q3 trading gains overshadowed by writedowns

Deutsche Bank posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping to take the sting out of a record 6 billion-euro (USD 6.6 billion) group pre-tax loss.

Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets, Germany's largest lender said in a statement on Thursday.

"Revenues in core businesses held up, despite mixed business conditions during the quarter with market volatility in August and September," Chief Executive John Cryan said.

Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.

The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.

Cryan announced late on Wednesday the bank would cancel its dividend this year and next and he seeks to overhaul the bank's performance and end a litany of regulatory troubles.

Earlier this month, Deutsche Bank announced it would split its investment bank in two and part ways with three of its eight management board members.

Cryan is due to give details of how he plans to achieve a turnaround at a news conference starting at 0800 GMT.