Deutsche Bank CEO Says Staff Are ‘Sick and Tired’ of Bad News
Deutsche Bank CEO Says Staff Are ‘Sick and Tired’ of Bad News
01 June, 2018, 19:36
Deutsche Bank shares hit an all-time low on Thursday after reports that the U.S. Federal Reserve rated the condition of the bank's U.S. business as "troubled" about a year ago.
"Many of you are sick and exhausted of bad news", Sewing said a letter to staff on Friday.
Government 10-year bond yields rose 1.7 points to 2.687 per cent, well off its 2.93 high last month as global risk aversion flared up.
The label has forced Deutsche to get the Fed's approval for decisions including hiring and firing senior managers, reassigning job duties and making severance payments, the Journal reported.
The Federal Deposit Insurance Corp. has added Deutsche Bank's federally insured US business to a list of banks with weaknesses serious enough to endanger their financial viability, the person said Thursday, confirming reports by the Financial Times and The Wall Street Journal. "But, we'll prove that we have earned a better valuation on the financial markets".
And further reports on Friday identify Deutsche as one of a number of banks facing criminal charges in Australia over a 2015 share placement it helped arrange for the Australia and New Zealand Banking Group (ANZ).
S&P had rated Deutsche's long-term credit at A- on negative credit watch. That's exactly how I feel.
Dr M says MH370 search may resume if new evidence found Ocean Infinity took over on a no-find, no fee-basis after a search by Malaysia, Australia and China failed to find the plane. The previous 2.5-year search, coordinated by the governments of Australia, Malaysia and China, cost $160 million.
Despite Friday's downgrade from credit-ratings firm Standard & Poor's, Deutsche is stronger and has more stable funding than at any time in the past decade.
The Australian sharemarket was on the back foot again the USA imposed sanctions on Europe, Mexico and Canada, and German banking giant Deutsche Bank hit a record low.
In his letter to employees on Friday, Sewing said risks have been reduced, capital has been strengthened and the bank reorganized.
"As you know, we have made progress in remediating them over the past year", he wrote.
Outlining its latest restructuringin April, Deutsche said it would be pulling back from certain trading and investment banking operations in the US. "We're not yet where we want to be, but we are steadily getting there".
A source familiar with the thinking of the European Central Bank (ECB), which regulates Deutsche Bank, and its top shareholder HNA Group Co Ltd [HNAIRC.UL] of China, separately said they backed management's strategy of retrenchment.
Sewing said a series of enforcement actions by the Federal Reserve were principally related to weaknesses in internal controls and infrastructure.
According to the German broadcaster, heavy rain meant the water level increased and nearly the "entire zoo was flooded". The Eifel zoo, owned by the Wallpott family, is home to around 400 animals , also including a Siberian tiger.
They will be honoring the work of the " Donut Lassies " who helped get the sweet treats to soldiers during World War I. After National Donut Day, use promo code: DONUT, for a free order with the purchase of any two pizzas in June.
Further, samples sent from cattle and pigs in the vicinity that were also sent tested negative for Nipah virus. Doctors suspect the virus had spread from a 26-year-old, triggering an outbreak in Kozhikode .
Trump wrote that CEO Bob Iger never call him to apologize for "the awful statements " that have been said about him on ABC ". Barr's agent also dropped her and several USA channels have pulled Roseanne reruns.
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In-form top order batsman Jos Buttler was rested from the one-off ODI against Scotland in Edinburgh on June 10. Surrey all-rounder Sam Curran and England fast bowler Tymal Mills have also been added to the World XI squad.
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