German business leaders: 'We stand with Deutsche Bank'
REUTERS/Kai Pfaffenbach
The heads of companies, including BASF, Daimler, and Siemens spoke out in a front-page article in the German news outlet, Frankfurter Allgemeine Sonntagszeitung.
"We stand with Deutsche Bank. German industry needs a Deutsche Bank to accompany us out into the world," said BASF chairman Juergen Hambrecht, according to a report on the BBC News website.
Nikolaus von Bomhard, the chief executive of Munich Re, the reinsurance giant, said he saw no need to "reduce our business volume" with Deutsche Bank, while Siemens boss Joe Kaeser said that the bank's management "is pursuing the right goals and has our fullest confidence."
Dieter Zetsche, the chief executive of luxury car firm Daimler, also backed the bank, saying: "Deutsche Bank has a great tradition, a solid foundation and beyond that, a good future ahead. Of that I am convinced."
The German bank's shares have been on wild ride. On Friday, the stock dropped more than 8% to below €10 at the market open, as investors took fright at reports that hedge funds are reducing their exposure to the bank.
According to press reports, the funds cut their ties with Deutsche Bank after US authorities demanded a fine of up to $14 billion (£10.8 billion, €12.4 billion) for mis-selling mortgage-backed securities before the 2008 financial crisis, which would threaten its future.
Agence-France Presse reported late on Friday that Deutsche and the US Department of Justice were close to agreeing a settlement of $5.4 billion - much lower than the $14 billion expected - and Deutsche's stock price rose more than 15%.
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Ice melt in Antarctica and Greenland is slowing Earth's rotation, affecting timekeeping: Study
- Elections on a plate: Poll panels fix menu & expense ceiling for Samosa, tea, biryani & more
- Regenerative farming, cover crops will help farmers increase yields, reduce stubble burning: IDH CEO
- Sustainable Event Planning
- Ambani, Adani collaborate: RIL picks 26% stake in Adani Power project