Deutsche Bank hit with downgrade, CEO reassures employees

Deutsche Bank hit with downgrade, CEO reassures employees

Shares in Deutsche Bank closed at an all-time low on Thursday as the fallout from past misadventures in investment banking haunted chief executive Christian Sewing's attempt to return the lender to its corporate banking roots.

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".

Christian Sewing acknowledged in a message Friday to staff that "many of you are sick and exhausted of bad news" but assured them that the bank has solid capital buffers.

Shares in the lender closed at a record low on Thursday after reports that United States regulators had Deutsche Bank's operations in the country on a list of problem banks.

DZ Bank reiterated a "buy" rating on shares of Deutsche Bank in a research report on Monday, February 5th.

IF YOU'RE at Deutsche Bank AG and haven't already been fired, you're likely to find out next month if you will. $23.03B is Deutsche Bank (Put)'s MC.

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.

Under Sewing, Deutsche Bank is retreating from Wall Street and making cutting its workforce from just over 97,000 to below 90,000.

More news: China warns United States that tariffs will kill any chance of trade benefits

But the aggregate assets owned by the problem banks soared over that period from $13.9 billion to $56.4 billion, suggesting the addition of a single bank with about $42 billion in assets.

"We are highly focused on addressing identified weaknesses in our USA operations", the bank said.

Deutsche Bank (NYSE:DB) last issued its quarterly earnings results on Thursday, April 26th.

A spokesperson from Deutsche Bank said it does not comment on specific regulatory feedback, but Deutsche Bank "is very well capitalized and has significant liquidity reserves". "We're not yet where we want to be, but we are steadily getting there".

And a source familiar with the ECB's thinking made it clear that Deutsche Bank had made "good progress" in its efforts to address regulatory concerns.

Up until today, S&P rated Deutsche Bank's long-term credit at A-, on negative credit watch. Finally, Bank of America upgraded shares of Deutsche Bank from an "underperform" rating to a "neutral" rating in a research report on Monday, February 19th.

Chinese investor HNA Group Co Ltd [HNAIRC.UL], which controls an 8 percent stake in Deutsche Bank, said it supported the bank's management and its strategy.

Further darkening the outlook, the US Federal Reserve has also branded the bank as being in "troubled condition".

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