FRANKFURT, Sept 30 Deutsche Bank
Chief Executive John Cryan on Friday moved to reassure staff
after shares in Germany's largest lender hit an historic low
amid renewed concerns over its stability.
Cryan said he understood that employees could be unsettled
by extensive speculation in the media that a few hedge fund
customers had left the group but said the bank was solid and had
more than 20 million customers.
"There are forces now under way in the market that want to
weaken confidence in us," Cryan said in an internal letter to
employees seen by Reuters.
"Our job now is to ensure that this distorted perception
does not more strongly influence our day-to-day business," he
The immediate cause of Deutsche's current turmoil is a fine,
disputed by Deutsche, of up to $14 billion by the U.S.
Department of Justice over its sale of mortgage-backed
Uncertainty over the outcome of that case was no reason for
Deutsche Bank's share to be under pressure, given the eventually
lower settlements of similar cases by Deutsche Bank's
competitors, Cryan said in the letter.
(Reporting by Jonathan Gould and Andreas Kroener; Editing by