New Deutsche Bank boss Sewing is 'sick and exhausted of bad news'

REUTERS  Ralph Orlowski  File

More notable recent Deutsche Bank Aktiengesellschaft (NYSE:DB) news were published by: Seekingalpha.com which released: "Deutsche Bank: Truly Dreadful" on May 07, 2018, also Seekingalpha.com with their article: "Deutsche Bank on FDIC problem bank list - FT; shares down nearly 5%" published on May 31, 2018, 247Wallst.com published: "International Employee Moral Day as Deutsche Bank Cuts 7000 Jobs" on May 25, 2018.

Deutsche Bank's shares fell to historic lows yesterday after it emerged that USA regulators had officially designated the German lender as "troubled", putting strict limits on its ability to conduct business as usual.

The share price of Germany's biggest lender fell almost 5 per cent on Tuesday to near its all-time low, seen in September 2016, as a steady decline since the beginning of the year was compounded by a market sell-off triggered by the political crisis in Italy.

Deutsche Bank's chief executive has today sought to reassure staff that the German lender was financially sound.

The European Central Bank is Deutsche Bank's top supervisor.

A low ranking from the Fed has a severe impact on the activities that a bank can engage in and is said to have driven Deutsche's moves to reduce risk through curtailing its trading activities and cutting back on its lending.

The plan included aggressive cost-cutting commitments by Deutsche in a bid to improve profitability and refocus on core European markets. The firm purchased 12,268 shares of the bank's stock, valued at approximately $172,000.

But he candidly admitted that the newsflow around the bank was "not good".




The bank, which is headquartered in Frankfurt, Germany, lost 735 million euros ($927 million) past year after US tax changes cost it 1.4 billion euros.

The report sent Deutsche's shares down by 7% yesterday to their lowest-ever closing level.

"We have made progress in remediating them over the past year", he wrote.

Mr Sewing hasn't even said how numerous 7,000 jobs to be cut will be at the investment bank rather than the newly-formed private and commercial bank. "We're not yet where we want to be, but we are steadily getting there".

S&P had rated Deutsche Bank's long-term credit at A-, on negative credit watch.

Chinese investor HNA Group Co Ltd [HNAIRC.UL], which controls an 8 percent stake in Deutsche Bank, said it supported the bank's management and its strategy.

The Journal cited sources that said a subsidiary of the bank, Deutsche Bank Trust Company Americas, was given a "problem bank" rating by the Federal Deposit Insurance Corporation, the government body that provides it with insurance.

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