Deutsche Bank has denied seeking assistance from Berlin and said it had no plans for a capital increase after investors attacked the embattled bank, sending its share price to its lowest levels in more than three decades.
Germany’s biggest bank closed down more than 7 per cent on Monday, pushing its shares to their lowest level since 1983 despite the bank’s denial of German media reports that it had sought support from Berlin in its regulatory fight with Washington — and been turned down.
Deutsche has seen its shares fall 55 per cent in the last year amid persistent questions about its financial health, concerns that have been compounded by the US Justice Department’s recent demand for $14bn to settle allegations of mis-selling mortgage securities.
The bank has said it will not pay anywhere near that figure, which is close to its total market capitalisation of $18bn, and on Monday insisted that its chief executive, John Cryan, had “at no point” asked Angela Merkel, the German chancellor, to intervene in the stand-off with the DoJ.
The Emergency Election Sale is now live! Get 30% to 60% off our most popular products today!