Tags: EU | Germany | Deutsche Bank

Deutsche Bank Hit with Downgrade, CEO Reassures Employees

Deutsche Bank Hit with Downgrade, CEO Reassures Employees

Friday, 01 June 2018 04:39 AM

FRANKFURT, Germany (AP) — Ratings agency Standard & Poor's has downgraded Deutsche Bank's credit rating, saying the bank's turnaround strategy faces "execution risks" and will take time to show results.

The agency said in a statement Friday that management was taking "tough actions" but that "relative to peers, Deutsche Bank will remain a negative outlier for some time."

New CEO Christian Sewing acknowledged in a message to employees that "many of you are sick and tired of bad news" but assured them that the bank remains financially solid.

Deutsche Bank shares hit an all-time low on Thursday after reports that the U.S. Federal Reserve rated the condition of the bank's U.S. business as "troubled" about a year ago. Shares in Germany's biggest bank rose 2.6 percent Friday to 9.39 euros.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
GlobalTalk
Ratings agency Standard & Poor's has downgraded Deutsche Bank's credit rating, saying the bank's turnaround strategy faces "execution risks" and will take time to show results.The agency said in a statement Friday that management was taking "tough actions" but that...
EU,Germany,Deutsche Bank
129
2018-39-01
Friday, 01 June 2018 04:39 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved