Deutsche Bank Last in JPMorgan’s Investment Bank ‘Pecking Order’

Deutsche Bank AG was ranked last among major European and U.S. investment banks in the first quarter, according to JPMorgan Chase & Co.

Analysts led by Kian Abouhossein cut the German lender’s first quarter adjusted earnings per share estimate by 7 percent, the most among the eight banks in its so-called pecking order, “mainly on lower trading revenue,” according to a note to investors. “We prefer investment banks with ability to show cost flexibility in a challenging environment,” they said.