Deutsche Bank CEO says firm is committed to U.S. amid 'rumors'
Deutsche Bank Chief Executive Officer Christian Sewing said the lender is committed to the U.S., seeking to dispel "rumors" to the contrary as the firm cuts back in some businesses there.
The bank may retreat from "a couple of small business areas," Sewing said at a dinner the Frankfurt-based company hosted in Berlin on Wednesday evening. Still, he said, "fundamentally the U.S. is the most important market for us."
The comments come as employees of the German lender await the outcome of the sweeping job cuts Sewing is putting into place amid a large-scale restructuring of its investment bank division. The reductions may include one-fifth of the U.S. staff, people familiar with the matter said on May 9.
Sewing was seated next to U.S. Ambassador Richard Grenell at the dinner, and in his prepared comments he also cited the importance of the U.S.-German relationship.
The CEO told investors Tuesday that Deutsche Bank will finish most of the cuts by the end of June.
The bank is closing its Houston office and relocating away from Wall Street to a smaller Midtown location. It has also signaled that it will scale back U.S. rates sales and trading as well as its corporate finance business in the region.