Deutsche Bank rebuffs reported calls to cut investment unit

Deutsche Bank rebuffs reported calls to cut investment unit

FILE PHOTO: The financial district with the headquarters of Germany’s largest business bank, Deutsche Bank , is photographed on early evening in Frankfurt, Germany, January 29, 2019. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) – Deutsche Bank on Thursday rebuffed calls for cuts at its struggling investment bank, citing an overhaul last year.

“‎We have adjusted our footprint in our Corporate & Investment Bank and in the U.S. already in 2018, including reducing our leverage exposure by more than 100 billion euros,” the bank said in an e-mailed statement.

“We completed our adjustments ahead of schedule and now have a good foundation for growth,” the bank added.

The response comes after the Financial Times reported that four of the bank’s 10 biggest shareholders want the lender to make cuts at its investment division, particularly in the United States.

The FT report, citing unidentified sources, said at least four members of Deutsche’s supervisory board shared the view.

Reporting by Tom Sims; Editing by Subhranshu Sahu and Gopakumar Warrier

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