Deutsche Bank AG Chief Executive Officer Christian Sewing said he expects trading results to improve in the second half as clients navigate a complex and challenging economy.

“There’s momentum in the business,” Sewing said about fixed income trading in an interview with Bloomberg TV from London. Traders should see “a slight recovery” in the remainder of the year.

Deutsche Bank this month warned that trading revenue will decline by as much 20% this quarter, joining Wall Street firms in flagging weaker debt trading. Despite those challenges, revenue for the bank as a whole should be higher in the second quarter, Sewing said.

In the role for five years, Sewing has pledged to increase revenue and profitability following a turnaround that included thousands of job cuts and an exit from equities trading. After posting the highest annual profit in more than a decade, he surprised investors this year by agreeing to buy Numis Corp. in a £410 million ($523 million) deal, Sewing’s first major takeover and the lender’s biggest in more that a decade.