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Corporate Dispatch

No reason to doubt profitable Deutsche Bank, German chancellor says

cde.news desk · 1 min read
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epa08777185 The logo of German bank of Deutsche Bank on a building in the financial district of Singapore, 27 October 2020. The fallout of the global Covid-19 coronavirus pandemic has had a range of effects across workers from different sectors of the economy. As businesses gradually open up, economists are describing a 'K-shaped' recovery caused by lower wage workers affected by health and safety regulations, while white collar workers remain largely unaffected due to the advent of telecommuting and work from home arrangements. EPA-EFE/WALLACE WOON

Deutsche Bank is a very profitable bank and there is no reason to doubt its future, German Chancellor Olaf Scholz said on Friday in response to the sharp fall in the bank’s share price.

“Deutsche Bank has thoroughly reorganised and modernised its business model and is a very profitable bank,” Scholz said at a news conference in Brussels.

Deutsche Bank is in “robust shape” and “not the next Credit Suisse”, the research firm Autonomous said in a report on Friday.

“We have no concerns about Deutsche’s viability or asset marks. To be crystal clear – Deutsche is NOT the next Credit Suisse,” the report said.

The bank’s shares were down nearly 14% midday, and the cost of insuring the German giant’s bonds against the risk of default jumped.

Deutsche Bank declined to comment on the moves.

Filed under Corporate Dispatch
Topics Deutsche Bank

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