Deutsche Bank’s CFO said the fixed‑income and currency desks recovered in April after a shaky March, blaming the sudden US‑Iran escalation for the dip. The rates unit felt a brief squeeze but rebounded as market volatility spiked, aligning with the bank’s broader trading momentum in the first quarter.

Revenue from trading stayed roughly flat compared with the same period last year, despite a stronger euro dampening some profits. The Iran conflict caught rivals off guard; Goldman Sachs’ massive rates desk reported losses as rates surged following the U.S. and Israeli attacks, underscoring the volatility’s reach for banks navigating geopolitical shocks.

Akram noted the bank has no plans to reenter commodities trading, a business it shed years ago. He added that the duration of the Iran war will dictate inflationary pressures in Germany and Europe, with a protracted conflict posing an energy shock risk. The bank’s base case sees the war ending by Q2 in the near future.

Private credit remains a quiet pillar for Deutsche Bank, with a €26 billion exposure that the bank claims has been fully protected and loss‑free to date. Akram stressed the portfolio’s resilience, saying it has never suffered a loss. The bank’s confidence in its trading and credit segments signals steadier earnings for the coming quarters in the short term.