Deutsche Bank denies seeking assistance from Berlin - FT
|According to a report from the Financial Times, Deutsche Bank has denied seeking assistance from Berlin, adding that no plans are being considered for a capital increase following a 7% collapse in the stock price on Monday. .
The FT notes: "The bank has said it will not pay anywhere near $14bn of settle allegations, which is close to its total market capitalisation of $18bn, and on Monday insisted that its chief executive, John Cryan, had “at no point” asked Angela Merkel, the German chancellor, to intervene in the stand-off with the DoJ."
FT adds, citing Jörg Eigendorf, Deutsche’s chief spokesman, "this question [of a government rescue] is not on our agenda: Deutsche Bank is determined to meet the challenges on its own,.The question of a capital increase is currently not on the agenda, we comply with all regulatory requirements.”
The FT also cites Philippe Bodereau, an investor at Pimco, who said "even if the DoJ settlement ends at the low end of expectations — regardless of that, they need to boost capital, and they can’t do that organically."
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