Deutsche Bank AG just ended a roller-coaster week. June doesn’t look any less harrowing.Shares of Europe’s largest investment bank are trading near a record low, as short sellers pile on and credit derivative traders once again signal doubts about the firm’s health. It’s part of a painful pattern for the bank and its investors: Another spate of bad headlines keeps outweighing the good.First came the reports Thursday that the German lender is on a U.S. regulatory watchlist for problem banks. Then on Friday, S&P Global Ratings cut its credit rating. In a sign of diminished standards, investors expressed relief that the grade dropped only one level.“They dodged a bullet,” said David Hendler, founder of Viola Risk Advisors and an analyst who’s followed the industry for more than three decades.In coming weeks, the lender will carry out thousands of job cuts as Chief Executive Officer Christian Sewing pushes through a sweeping restructuring of the investment bank division. Before month’s end, virtually all of Deutsche Bank’s U.S. operations will finish undergoing the full scope of the Federal Reserve’s annual stress tests for the first time, with results to be made public. Sewing sought to shore up staff morale on Friday.“Many of you… Read full this story
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