That’s new Deutsche Bank Chief Executive Christian Sewing imploring the embattled bank’s rank and file (and shareholders) to stick to task as its stock is battered and regulators come knocking.
He’s responding, essentially in real time, to the three strikes against the global financial services giant in just the last roughly 24 hours, including a credit downgrade.
And why, according to Sewing, did Standard & Poor’s downgrade Deutsche as restructuring plans still play out?
It’s not really a matter of stability, the chief executive claims: “We’re just not profitable enough.”
Read his entire message to employees.
Deutsche Bank shares DB, -0.41% tumbled after reports the U.S. Federal Reserve secretly downgraded the bank a year ago to “troubled condition” status, which contributed to constraints on its operations, according to people familiar with the matter, cited by The Wall Street Journal. Australian regulators also had a few things to say.
Still, DB shares were up Friday, possibly in part because home regulator the European Central Bank sees “good progress.” A round of analysts on Friday said they were eyeing an entry point for Deutsche Bank after the 40% stock drop, but they do remain cautious.
More Key Words:
Samantha Bee apologizes for calling Ivanka Trump the ‘c-word’
This is Blagojevich’s argument for why Trump should let him out of jail