Two of Europe's largest banks released third quarter earnings statements Tuesday that reflect the ongoing worldwide economic crisis.

Deutsche Bank announced a decline in profits of more than $1 billion – or 37 percent. Bank head Josef Ackerman blamed the bank's economic woes on the continuing worldwide economic situation.

UBS, Switzerland's largest bank, announced a third quarter drop in profits of 39 percent.

In addition to economic concerns, UBS had to contend with a rogue trading loss of $2.3 billion in September.

Like their German counterpart, UBS blames the continued economic struggles for their current financial situation.