Positive momentum of the fourth quarter has continued says Deutsche Bank CEO

FRANKFURT (Reuters) – Deutsche Bank’s chief Christian Sewing, seeking to assure employees in the wake of the coronavirus outbreak, said on Thursday that the bank’s businesses were in good shape.

“Our businesses are in good shape as the positive momentum of the fourth quarter has continued,” he wrote to employees in a memo seen by Reuters.

The statement came as Deutsche Bank’s shares tumbled to a record low, down midday by 8.8%.

The bank has announced measures to shield employees from the coronavirus outbreak, including closing branches, splitting trading operations, and the cancellation of events.

“We have a solid foundation with a strong capital and liquidity base and high credit quality,” he added.

He praised the bank’s new strategy as a prerequisite for growth and profit.

“We are far better equipped for a difficult phase in the financial markets now than we were just a year ago,” he said.

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