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.
Shares in Deutsche Bank closed at an all-time low on Thursday as past misadventures in high-risk investment banking haunted new Chief Executive Christian Sewing's attempt to refocus on its more staid corporate banking roots.
Up until today, S&P rated Deutsche Bank's long-term credit at A-, on negative credit watch.
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The logo of Google is pictured during the Viva Tech start-up and technology summit in Paris, France, May 25, 2018. Under its contract, Google is providing AI technologies to the DOD to help the government analyze drone footage.
S&P Global Ratings cut the German lender's credit rating earlier and the bank's shares also closed at a record low on Thursday after media reports that US regulators had put Deutsche Bank's operations in the country on a list of problem banks previous year due largely to inadequate internal controls.
On this news, Deutsche Bank's share price fell $0.49, or 4.24%, to close at $11.08 on May 31, 2018. Citigroup set a €8.30 ($9.65) price target on Deutsche Bank and gave the stock a "sell" rating in a report on Friday.
But he admitted that the newsflow was "not good".
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.
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The new government must now win confidence votes in parliament, expected to happen next week, Ansa news agency reported. She said she was aware the government has hard tasks ahead, but she's optimistic about the possibility of change.
Deutsche Bank was well positioned to react to excessive moves in debt markets, Sewing said, adding that a series of enforcement actions by the U.S. Federal Reserve were principally related to weaknesses in internal controls and infrastructure.
"We have made progress in remediating them over the past year", he wrote. That was one or two notches below most European competitors.
Philipp Haessler, an analyst at Equinet Bank, said he considered fears of an eventual break-up of the financial behemoth as exaggerated. We're not yet where we want to be, but we're steadily getting there. More interesting news about Deutsche Bank Aktiengesellschaft (NYSE:DB) were released by: Seekingalpha.com and their article: "Are The Markets About To Get Shanghai'd Again?" published on May 30, 2018 as well as Seekingalpha.com's news article titled: "European Implosion Sends Panic Through Global Markets As George Soros Warns 'We May Be Heading For Another ..." with publication date: May 31, 2018.
Deutsche Bank's stock plunged to a record low on news that the Federal Reserve labeled the bank's US business "troubled".
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The EU Commission president had also chided one of his commissioners earlier in the week for comments deemed too harsh on Italy. Although cabinet ministers are proposed by the prime minister and his coalition, they must be appointed by the president.
S&P said that "relative to peers, Deutsche Bank will remain a negative outlier for some time".