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BERLIN (Reuters) – Deutsche Bank President Paul Achleitner told the Financial Times that the biggest German lender did not need a fundamental overhaul of its investment division after the Failure of merger negotiations with rival Commerzbank.
German hopes of creating a national banking champion capable of challenging global rivals were dashed on Thursday when Deutsche Bank and Commerzbank ended the merger talks because of the risks of entering into an agreement, restructuring costs and capital requirements.
To defend the recovery efforts of Deutsche's investment division, Chairman of the Supervisory Board, Achleitner, said: "Every manager must constantly adapt to a changing market environment, but in this respect we do not talk about strategy, we are talking about execution. "
"In particular, in a business like the capital markets, which is so volatile and so rapidly changing, permanent adjustments will be made," said Achleitner, who was seen as a supporter of the proposed merger with Commerzbank. He said that was his personal point of view.
The business figure released on Friday showed that the net business turnover of the global investment bank, which accounts for more than half of the total revenues of the German bank and which strongly depends on its results Bond trading, fell by 13% to 3.3 billion euros quarter.
Deutsche Bank has struggled to generate sustainable profits since the 2008 financial crisis. It is trying to recover under the new leadership, but faces obstacles such as money laundering allegations and stress tests. unsuccessful.
(Report by Michelle Martin, edited by Subhranshu Sahu)
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