REPORT: Deutsche Bank CEO tells staff market forces are trying to undermine us
CNBC Anchor Sri Jegarajah is reporting that Cryan sent a note to employees saying that "market forces are in action to undermine confidence in us" and reiterating that the bank is in a strong financial position.
#BREAKING: Deutsche Bank CEO in letter to employees says market forces in action to undermine confidence in us - @Reuters
#BREAKING: Deutsche Bank has a strong foundation, CEO John Cryan says in letter to employees - @Reuters
- Sri Jegarajah (@cnbcSri) September 30, 2016
#BREAKING: Deutsche CEO - Uncertainty about US fine no basis for pressure on share price, when you look at settlements with rivals @Reuters
- Sri Jegarajah (@cnbcSri) September 30, 2016
Deutsche Bank shares crashed 7% in the US and Germany on Friday after reports that hedge fund clients were restricting business with the bank to limit exposure.
Shares plummeted close to 30-year lows after reports surfaced that the US Department of Justice is looking to impose a $14 billion fine for mortgage-backed security misselling in the run-up to the financial crisis. The fine is bigger than the banks market value, leading to fears it would be sunk by such a large fine.
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