The Corporates and Markets group includes Dresdner Kleinwort Wasserstein and posted a loss of £79.6m for the quarter, compared to a profit of £280m in the same period last year.
Net profits for the Dresdner group, however, soared to £963m due to a £1.07m gain from investments. Excluding the exceptional gain, earnings would have been lower than last year's first quarter figure of £100.4m.
An official speaking for the bank said: 'We cannot be satisfied' with the figures. Dresdner is now thought to be considering further cost saving measures, although will want to assess the likelihood of a recovery in the markets before moving.
The bank is in the process of cutting 7,800 jobs.
Not Good At Dresdner
Allianz AG's banking arm Dresdner said that its corporates and investment banking operations made a large loss in the first quarter and profits overall were flattered by hefty capital gains.
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