Deutsche Bank CEO Warns Employees “Europe Is Endangered” After Italy Vote

At around the time ECB Governing Council member Ewald Nowotny said that Italy may have to spend taxpayer funds to bail out insolvent banks, warning that “the difference between Italy and other states such as Germany and Austria is that, until now, in Italy there has not been any significant state aid or state takeovers of banks,” and that “it therefore cannot be ruled out that it will be necessary for the state to take stakes (in banks) in some way,” Deutsche Bank CEO John Cryan sent a letter to employees in which he warned that following the Italian referendum, the economic environment “is a harbinger of renewed turbulence that could spill over from the political arena to the economy – with Europe particular endangered.”
He also said Deutsche Bank still needed to finish negotiations with the U. S. Department of Justice, which has demanded $14 billion to settle claims the bank missold mortgage-backed securities. Cryan said he could not give details on how talks were progressing.
The rest of Cryan’s “December message to employees” was, somewhat more enjoyable pep talk. His full letter is below:
December message to employees from John Cryan John Cryan, Deutsche Bank CEO, sent out the following message to the bank’s employees
Dear colleagues,
I would like to share some thoughts from a meeting with the Australian Finance Minister Mathias Cormann just this morning. Together we visited our Digital Factory in Frankfurt Sossenheim. Minister Cormann was impressed by our ‘future forge’, where we develop and test new technologies. 400 people from 14 nations work together very closely on digital products and services for our clients.

This post was published at Zero Hedge on Dec 5, 2016.