Deutsche Bank’s top brass piled into the Berlin auditorium primed to give investors their best advice on how to wade through the countless uncertainties facing markets these days. But before they could begin, there was one elephant that needed to be ushered out of the room.
“The situation in our bank is better than described by outsiders,” Asoka Wöhrmann, head of retail banking for Germany at Deutsche Bank, said in reaction to the latest run of bad headlines for Germany’s largest bank.
His comments came amid a heated debate – and massive market volatility – over the threat of a $14-billion (€12.6 billion) fine in the United States, which has raised doubts about the bank’s capital resources and even evoked the possibility of a government bailout.
The run of headlines have sent the bank’s share price to a record low, worrying the bank’s shareholders and its customers.