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Under-fire Deutsche Bank boss John Cryan vows to press on


Frankfurt am Main: The chief executive of trouble-plagued German lender Deutsche Bank has written to employees to dash rumours he would soon be pushed out, saying he was “absolutely committed” to righting the bank.

“I am absolutely committed to serving our bank and to continuing down the path” back to stability and profitability, John Cryan (pictured)wrote in a letter late on Wednesday.

While Cryan’s contract runs until 2020, press reports in recent days have suggested a rift over strategy with supervisory board chairman Paul Achleitner, who is said to be seeking a replacement.

Given sole command of the Frankfurt lender in 2016, Cryan’s task was to restructure Deutsche and clean up the toxic legacy of its pre-financial crisis bid to compete with global investment banking giants.

He has neutralised the worst legal threats, in part by paying billions in fines and compensation, strengthened Deutsche’s capital foundations with an 8-billion-euro ($9.9 billion) share issue last year and floated asset management division DWS on the stock market this month.

While the bank said the loss was a one-off caused by US President Donald Trump’s corporate tax reform, investors have shunned Deutsche since the start of the year, with its stock dropping around 30 per cent in value since January 1.

Nevertheless, “we need to focus on executing the strategy that was agreed and signed off by both the management and supervisory boards,” Cryan said in a bid to smooth over the reported divisions at the top.

“There is no difference of opinion here.” — AFP

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