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.
Shares in Germany's biggest lender Deutsche Bank plummeted on the Frankfurt stock market on Friday, dragging other European banks and global markets down with it, after reports some customers were pulling money out. The investors were reacting to a $14-billion fine demand from the US Department of Justice (DoJ) and conflicting reports in German media over whether Berlin would come to the troubled bank's aid if necessary, which have sapped the bank's market valuation since Monday. Just after 0800 GMT, shares in the bank had shed 6.35 percent to 10.90 euros ($12.19), while traditional Frankfurt rival Commerzbank -- which itself announced a far-reaching restructuring this week -- was also pulled down, losing 6.37 percent to trade at 5.45 euros.