Deutsche Bank has sharply curtailed trading of securities for its own account in the face of market turmoil, a spokesman said on Saturday, citing comments from the head of Germany's biggest lender.
He noted Chief Executive Josef Ackermann had said in a conference call on Wednesday that proprietary credit trading had been shut down after being reduced by over half since the beginning of the credit crisis in June 2007. Equities proprietary trading had been scaled down by over 80 percent since its peak but no complete exit from it was planned.