Traders Disappointed by Deutsche Bank Earnings

Deutsche Bank's shares on the German Stock Exchange sank on Friday after the bank's quarterly report fell below analyst expectations. The bank's stock fell 2.35 percent to €57,75 following a report listing second quarter profits of €656 million. The figure was well below the €776 million predicted by analysts. CEO Josef Ackermann blamed market conditions for the drop in profit. The spokesman of the managing board of directors, Rolf E. Breuer, nevertheless said Deutsche Bank was well situated in what analysts anticipate will be an upcoming consolidation wave in the European banking world. Breuer told the Financial Times Deutschland that the bank will be among those in the acquisition business.