Olaf Scholz has rejected comparisons between Deutsche Bank and Credit Suisse as a slump in the German lender’s shares sparked a further day of turmoil for the banking sector.
Speaking after Deutsche shares fell as much as 14 per cent on Friday, the German chancellor sought to shore up confidence in the country’s biggest bank, with investors still nervous after the forced takeover of Credit Suisse last weekend.
“Deutsche Bank has fundamentally modernised and reorganised its business and is a very profitable bank,” Scholz said at a summit in Brussels after being asked if the lender was the new Credit Suisse. “There is no reason to be concerned about it.”
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