Home Business Police raids were not the fault of Deutsche Bank management, CFO says

Police raids were not the fault of Deutsche Bank management, CFO says


The CFO said capital markets had “struggled to get a sense of proportion” of the raid and that the affected business was a small division with revenues in the single-digit millions.

“It was (a) trust services business that in terms of revenues, customers and profits, was extremely small,” he said.

Von Moltke said there had been a “very muted” response by clients to the raid and that liquidity remained strong. The CFO added that the bank was working hard to explain the situation.

“Raids that take place with reasonable frequency in Germany, aren’t that well understood outside Germany,” he said, before adding “our focus is on working with the prosecutors.”

Since 2015, Deutsche Bank has endured a failed stress test in the U.S., several attempts to restructure, a leadership shake-up and a ratings downgrade.

Shares of the bank have tumbled over 50 percent this year, but Von Moltke said the bank’s operating health was improving.

“We have been targeting to have the first profitable year in several years and we remain on track to achieve that.”

CNBC’s Sam Meredith contributed to this report.



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