Published: Sun, June 03, 2018
Markets | By Otis Pena

Deutsche Bank CEO says bank is committed to the U.S

Deutsche Bank CEO says bank is committed to the U.S

News of the Fed's judgment, handed down previous year but only made public now, was followed by a move from the leading ratings agency Standard & Poor's to downgrade Deutsche's long-term credit rating.

In Australia, federal prosecutors are preparing criminal cartel charges against Deutsche, ANZ and Citigroup, over a A$2.3bn (£1.3bn) share issue. Mr Sewing has a mandate to accelerate a plan to refocus on Deutsche Bank's European home market and away from Wall Street. The titles are as follows: "Deutsche Bank (DB) option implied volatility increases as shares trend lower" posted on June 01, 2018, "S&P cuts rating on Deutsche Bank" on June 01, 2018, "Deutsche Bank, Philip Morris Enter Thursday's 52-Week Low Club" with a publish date: May 31, 2018, "RBC Capital Downgrades Deutsche Bank (DB) to Underperform" and the last "Deutsche Bank: Truly Dreadful" with publication date: May 07, 2018.

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

In his letter, Sewing also addressed U.S. regulatory concerns following the Wall Street Journal report that said the Federal Reserve had designated Deutsche Bank's operations a year ago to be in a "troubled condition".

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

The WSJ report sent Deutsche's shares down 7% on Thursday to their lowest-ever closing level, valuing it at $22bn (£16.5bn).

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Deutsche last month announced it would slash 7,000 jobs around the world as part of its revamp.

It has since recovered to a cash price of 93.167 and a yield of 8.1 percent; still almost double this year's low in January. Deutsche Bank has a one year low of €12.36 ($14.37) and a one year high of €18.49 ($21.50).

"The ultimate parent of the Deutsche Bank Group, Deutsche Bank AG, is very well capitalized and has significant liquidity reserves", the lender said in an emailed statement.

"As you know, we have made progress in remediating them over the past year", he wrote. We're not yet where we want to be, but we're steadily getting there.

Deutsche announced it would slash 7,000 jobs around the world as part of its revamp, especially in the U.S. and Asian investment banking businesses, to refocus on its European roots.

While management is taking "tough" actions to restore profitability, the bank "appears set for a period of sustained underperformance compared with peers, many of whom have now finished restructuring".

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