Deutsche Bank has reported first half revenues for its global wealth management business of EUR 856 million, a year-on-year decrease of four percent.

For the second half alone, global wealth management revenues totalled EUR 429 million, down nine percent.

However, the bank said that if “the specific item arising from gains on workout activities relating to legacy Sal. Oppenheim positions in both quarters” then second quarter revenue for the division was up four percent year on year. It said this was due to “strong growth in emerging markets”.

The bank said it is targeting “incremental cost reductions...