Deutsche Bank AG and Evercore Partners Inc. reported declines in their third-quarter earnings.
Deutsche Bank posted a 73% in decrease in third-quarter net income, but beat analysts’ expectations because of new accounting rules instituted by the European Union.
The Frankfurt, Germany-based financial giant reported a profit of 435 million euros ($575 million), compared with a profit of 1.62 billion euros a year earlier.
Analysts surveyed by Dow Jones Newswires had expected a loss of 251 billion euros.
Deutsche Bank wrote down 1.2 billion euros ($1.54 billion) on leveraged loans and loan commitments, residential mortgage-backed securities, monoline insurers, commercial real estate and available-for-sale positions.
The new EU accounting rules allowed the company to reclassify certain assets, which cut its write-downs for the quarter by 845 million euros ($1.08 billion).
Deutsche Bank's asset- and wealth-management business recorded a 37% decline in net income to 713 million euros ($915 million) from a year earlier.
Meanwhile,Evercore Partners posted a 77% decline in net income because of lower revenue in its advisory business.
The New York-based boutique investment bank reported adjusted pro-forma net income of $2.3 million, or 7 cents a share, in the third quarter.
That compared with pro-forma net income of $9.8 million a year earlier.
Revenue in the advisory business fell 23%, to $51.4 million in the quarter.
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