S&P Cuts Deutsche Bank Rating
S&P Cuts Deutsche Bank Rating

S&P Cuts Deutsche Bank Rating

S&P Cuts Deutsche Bank Rating

Ratings agency S&P downgraded German giant Deutsche Bank’s long-term credit rating from A- to BBB+, a day after a US banking regulator classified the firm’s American subsidiary as an at-risk institution, Reuters reported. Standard & Poor’s revised rating comes at a tumultuous time for Germany’s largest lender, whose newly appointed chief executive Christian Sewing has tried to reassure investors that Deutsche is ready to do what it takes to return to profitability after years of losses. Deutsche last month announced it would slash 7,000 jobs around the world as part of its revamp. “While we consider management is taking tough, although likely inevitable, actions and proposes a logical strategy to successfully restore the bank to more solid, sustainable profitability over the medium to long term, the bank appears set for a period of sustained underperformance compared with peers, many of whom have now finished restructuring,” Standard & Poor’s said in a statement. “We see significant execution risks in the delivery of the bank’s updated strategy amid a continued unhelpful market backdrop, and we think that, relative to peers, Deutsche Bank will remain a negative outlier for some time,” it added.


Short URL : https://goo.gl/sPJLJk
  1. https://goo.gl/JRZtCz
  • https://goo.gl/2x4XH3
  • https://goo.gl/z2vAex
  • https://goo.gl/9xdDjH
  • https://goo.gl/vuaSgQ

You can also read ...

India Hits Back at US With Tariffs
Responding to the US import tariffs on certain steel and...
American farmers are losing sales as trading partners hit back with duties of their own.
Only a few months ago, the global economy appeared to be...
Few Will Want to Invest in High-Risk North Korea
US President Donald Trump dangled the carrot of foreign...
Ministers Fired After Argentina Currency Collapse
Argentina’s President Mauricio Macri has replaced two cabinet...
Refugees now comprise about 20% of Jordan’s population.
Saudi Arabia, the United Arab Emirates and Kuwait pledged $2.5...
Businesses in Gaza are cutting back production as a result of falling consumer demand, the prevailing financial sanctions, restricted access to goods and materials, and lack of freedom of movement.
Humanitarian, socioeconomic, political and security conditions...
Greece Creditors Debate Extensions on Bailout Loans
Greek bailout talks are reaching the final stretch and...
Eurozone Reform Agreement
Paris and Berlin are very close to an agreement on eurozone...

Add new comment

Read our comment policy before posting your viewpoints