Deutsche Bank CEO seeks to reassure staff over market concerns

September 30, 2016 4:31 AM EDT

Deutsche Bank CEO John Cryan addresses the bank's annual general meeting in Frankfurt, Germany, May 19, 2016. REUTERS/Kai Pfaffenbach

Get the Pulse of the Market with's Pulse Picks. Get your Free Trial here.

FRANKFURT (Reuters) - Deutsche Bank Chief Executive John Cryan on Friday moved to reassure staff after shares in Germany's largest lender hit an historic low amid renewed concerns over its stability.

Cryan said he understood that employees could be unsettled by extensive speculation in the media that a few hedge fund customers had left the group but said the bank was solid and had more than 20 million customers.

"There are forces now under way in the market that want to weaken confidence in us," Cryan said in an internal letter to employees seen by Reuters.

"Our job now is to ensure that this distorted perception does not more strongly influence our day-to-day business," he added.

The immediate cause of Deutsche's current turmoil is a fine, disputed by Deutsche, of up to $14 billion by the U.S. Department of Justice over its sale of mortgage-backed securities.

Uncertainty over the outcome of that case was no reason for Deutsche Bank's share to be under pressure, given the eventually lower settlements of similar cases by Deutsche Bank's competitors, Cryan said in the letter.

(Reporting by Jonathan Gould and Andreas Kroener; Editing by Georgina Prodhan)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Related Entities

Deutsche Bank, Hedge Funds

Add Your Comment