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Berenberg’s top banker David Mortlock: 2023 will remain challenging after 38% revenue slide
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Berenberg's top banker has warned that the investment banking sector may need to cut more costs in 2023 amid a challenging environment after the German bank's dealmaking unit's revenue dropped by 38% last year.
The 433-year-old German bank made €290m from its investment banking activities in 2022, according to a company statement, which was a near 40% decline on a year earlier when revenue surged to a record €470m. Net income across the group was €55m, a decline of 65% compared to 2021.
"We...
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