Tuesday, 18 June, 2019

Deutsche Bank CEO Says Staff Are ‘Sick and Tired’ of Bad News

Russell Knight | 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.

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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 restructuring in 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.

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