Deutsche Bank CEO John Cryan rushed to shore up confidence in his beleaguered lender after concern some clients are reducing exposure to the company pushed the shares to record lows.
The bank's balance sheet is safer than at any point in the past two decades, Cryan told staff in a memo Friday. "Trust is the foundation of banking. Some forces in the markets are currently trying to damage this trust," he said.
Analysts also came to the bank's defense. Stuart Graham at Autonomous Research wrote that Deutsche Bank has enough readily available funds on hand to weather more than two months of severe stress, including trading clients pulling back. Goldman Sachs Group Inc. analysts led by Jernej Omahen said the lender can also access backstops from the European Central Bank.
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