Deutsche Bank slashes its 2nd-quarter losses as investment-banking revenues surge 46% | Markets Insider

, but its net interest income didn't meet Wall Street's expectations.

"We continued to execute on our strategy and made further tangible progress against our objectives despite the challenges associated with the COVID-19 pandemic," CEO Christian Sewing and his team said in the earnings release.Deutsche Bank reported a slight increase in revenues and dramatically narrowed its losses in the second quarter as its transformation efforts paid off. However, its net interest income fell short of the consensus estimates of analysts polled by Bloomberg.

The German banking giant slashed its non-interest expenses by about 23%, which helped it swing to a pre-tax profit of 158 million euros, compared to a pre-tax loss of 946 million euros in the second quarter of 2019.'Castles built on sand': Famed economist David Rosenberg says investors are being too reckless as stocks rally — and that a vicious long-term bear market is far from over

Among its divisions, the investment bank was the standout performer. Net revenues surged 46% to 2.7 billion euros there as sales and trading revenues in the fixed income and currency subdivision jumped 39%, and origination and advisory revenues leapt 73%.

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