Deutsche Bank’s Distressed Desk Doubles Profit Gain With Software Short Bets

Deutsche Bank AG’s US distressed products group more than doubled its net profits in the first quarter, partly driven by shorting a basket of software companies debts, according to people familiar with the matter.

The team booked more than $100 million in profits for the quarter ending March 31, more than double the gain in the same period last year, said the people, who asked not to be identified discussing private information. The windfall extends the trading desk’s robust performance from last year, when it notched $200 million in profits in a single quarter.