Deutsche Bank (DBK)

Deutsche Bank's €11.5B IB revenue, up 9% year-over-year, trails the 16% growth of #7 Barclays but outpaces the 4% decline at #6 Goldman Sachs's FICC desk. The bank's fixed-income and currencies trading generated €5.2B, a 14% increase that is 3% faster than the average European peer. However, advisory revenue of €1.8B fell 5%, underperforming #1 JPMorgan's advisory unit by 20%. Despite this, Deutsche's 11.2% return on equity beats the 10.5% average for continental banks, and its €2.3B in derivatives revenue sets a new record for the trading powerhouse.