Deutsche Bank to pay Vestia 175 mln euros settlement in derivatives suit

Cornelia Mascio
Luglio 13, 2019

Deutsche Bank CEO Christian Sewing said he scolded senior staff members at its London office for getting suits fitted on the same day many of their fellow staffers were let go.

After two men carrying suit bags were spotted leaving the Deutsche Bank premises, London-based Financial News reported the bespoke outfits from Fielding and Nicholson were worth as much as 1,500 pounds (1,670 euros, $1,882) each.

CEO Christian Sewing delivers a speech during the annual shareholder meeting of Germany's largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019.

"I don't understand why someone at our London office on Monday ordered a tailor for custom-made suits", Sewing was quoted as saying in an interview published on Thursday. "This behavior is in no way consistent with our values".

The massive restructuring announced Sunday includes 18,000 job cuts by 2022 and a retreat from most share trading activity - the investment banking business the German lender expanded into at breakneck pace in the years before the financial crisis. However, the bank struggled for years with high costs, weak profits and a low share price.

Authorities in the U.S. are investigating Deutsche Bank in connection with its work for 1Malaysia Development Bhd (1MDB) - a multibillion-dollar state investment fund that became a major scandal after billions of dollars were siphoned off from it.

In future, Deutsche Bank plans to refocus on its home turf of Germany and Europe, as well as traditional strengths servicing corporate clients.

Shares in the group were trading at €6.71 around 9.30am (0730 GMT) in Frankfurt today, topping the DAX index of blue-chip stocks - but remained down 6.5 percent since Monday.

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