FRANKFURT, March 21 (Reuters) - A strong euro and higher funding costs have created a 450 million euro ($552.92 million) headwind for Deutsche Bank in the first quarter of the year, the German lender’s finance chief said on Wednesday.
James von Moltke, the bank’s chief financial officer, said that a stronger euro was turning out to be a 300 million euro drag on the investment bank, while the cost of funding was a 150 million euro drag.
“We do have a headwind on a year-on-year comparison before you get to business performance of about 450 million euros,” von Moltke said.
Shares in the bank were down 5.1 percent at 1324 GMT. ($1 = 0.8139 euros) (Reporting by Tom Sims)