Deutsche Bank slumps

Despite the fact he highlighted the 86% rise in full-year profits to 4.3 billion (£3.6 billion), there was no hiding the fact that final-quarter profits of 186 million was way below analysts' forecasts.

The big fall in profits came at the investment banking arm, which employs 7000 people in the UK.

But Deutsche also took big hits on Greek bonds, an Icelandic drug firm, litigation and a Los Angeles casino, which analysts saw as a clear-up of the balance sheet before Anshu Jain and Jürgen Fitschen take over as co-chief executives.

Ackermann said that he did not see investment bank earnings rising to their peak levels in the near future, adding: "But although the entire pie is likely to be smaller in the future, Deutsche Bank will be able to handle a larger slice. We had to face extremely adverse external circumstances in the second half of 2011."

Ackermann added that Deutsche had no plans for a rights issue. He said: "As long as nothing really bad happens, I can rule that out 100%."

Revenues were "severely affected by lower issuance volumes and less deal activity," he said. "Markets influenced by political developments, high volatility and an impending economic slowdown weighed heavily on mergers and acquisitions as well as equity and debt origination businesses."

The bank's corporate and investment bank saw revenues drop 26% in the fourth quarter to 3.4 billion.