Posted on 03/12/2020 6:56:20 PM PDT by yesthatjallen
Deutsche Bank’s (DBKGn.DE) top executives sought to assure employees and investors over its ability to weather the coronavirus as shares in the German lender hit a new low on Thursday amid a wider stock market sell-off.
Christian Sewing, chief executive of Germany’s largest bank, told employees in a memo seen by Reuters that Deutsche Bank’s business was in “good shape as the positive momentum of the fourth quarter has continued”.
The bank has announced measures to shield employees from the coronavirus outbreak, including closing branches, splitting trading operations, and the cancellation of events.
Deutsche Bank’s chief financial officer James von Moltke told a German newspaper that there was no need so far to revise the lender’s profit forecast. The bank has forecast a pretax profit for 2020.
SNIP
(Excerpt) Read more at reuters.com ...
Why would Deutche Bank feel the need to reassure their employees?
Could DB be the first global financial casualty of the coronavirus meltdown?
Hasn’t DB been on the ropes for a while for not admitting that it has a ton of non-performing assets?
It very likely will have a ton more in a month or two.
As for their customer service employees ... Eh, that’s a shame ... Or however you say that in their language. Urdu, maybe? Hindi? Espanol? Arabic? Literally anything but English. But it saves so much money for the consumer ... or whatever ...
The announcement was by teleconference from a Gulfstream VI on the way to a private island. The last thing that was said was “So long suckers!”.
DB is rumoured to be the epicentre of the repo crisis affecting banks. If DB goes down Europe at least, and possibly the whole world will be in another financial crisis.
DB is holding on by a string and a dream.
It is an obvious short, but you pray you don't gain. If we have another financial crisis on top of an oil price shock on top of the corona virus, by 2021 we will be hunting buffalo with spears.
...and the Merkel they rode in on.
With a Corona-ridden porcupine.
Sideways.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.