Trump defends use of Deutsche Bank, says bank has been 'maligned'

Galtero Lara
Julio 13, 2019

Chief Executive Christian Sewing personally called Deutsche Bank (DBKGn.DE) staff members to admonish them for having suit fittings at its London office on the same day that hundreds of their colleagues were fired, Handelsblatt quoted him as saying. Numerous investment banking activities were carried out in NY and London.

"I can't understand that someone would call tailors to fit suits on Monday". The tailors were wrongly identified as staffers but actually worked for Fielding & Nicholson Tailoring, Financial News reported.

CEO Christian Sewing delivers a speech during the annual shareholder meeting of Germany's largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019.

Deutsche - which was the world's biggest bank by assets at its peak in the 2000s - has struggled to post sustainable profits since the 2008-09 global financial crisis and has seen its share price tank to record lows, hit among other things by a succession of scandals which have already cost the lender billions of dollars.

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Authorities in the USA are investigating Deutsche Bank in connection with its work for 1Malaysia Development Bhd (1MDB) - a multibillion-dollar state investment fund that became a major scandal after billions of dollars were siphoned off from it.

Shares in Germany's biggest bank were up 1.3pc by 3pm yesterday, clawing back some of a near 10pc fall, the biggest two-day drop in nearly three years, after it detailed a sweeping overhaul involving 18,000 job cuts on Sunday.

Shares in the group were trading at 6.69 euros around 11:15 am (0915 GMT) in Frankfurt Friday, topping the DAX index of blue-chip stocks - but remained down 6.8 percent since Monday.

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