Banks across the world are under investigation for a string of alleged misdeeds, including fixing benchmark interest rates and manipulating foreign exchange markets.
Holding down demand, he said, were the currently higher yields, uncertainty over a growing supply of debt and the change this week in leadership at the Federal Reserve, which fixes benchmark short-term interest rates.
The bank has already paid billions in fines and settlements related to accusations that it colluded with other banks to fix benchmark interest rates, and that it violated international sanctions against countries like Iran.
The allegations involve collusion among the banks' traders to fix benchmark exchange rates in their favor, resulting in higher costs for pension funds, mutual funds, multinational corporations and other bank clients that routinely buy and sell currencies.
The People's Bank of China, the country's central bank, said that effective on Monday it would allow the renminbi to fluctuate up or down in value by as much as 1 percent against a fixed benchmark with the dollar during daily trading.
Deutsche Bank has set aside 2.4 billion euros ($3.2 billion) to cover the potential cost of proceedings that include a tax evasion inquiry in Germany and an international investigation into accusations that its employees and those at other investment banks colluded to fix benchmark interest rates.
Its currency traders are accused of meeting in virtual chatrooms and planning the fixing of benchmark prices.
Barclays also became the first bank to be fined for fixing another benchmark, known as the ISDAfix.
The affair follows a series of scandals, including the fixing of benchmark interest rate Libor, that have severely damaged the public's perception of the banking industry.
It is alleged that traders used online chatrooms to collude in the fixing of benchmark prices, which are used as reference rates for trillions of dollars of investment and trade globally.
