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.
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.