Germany’s deputy chancellor attacks Deutsche Bank chief


FT

Sigmar Gabriel rounds on John Cryan for blaming ‘speculators’ in memo to staff

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Sigmar Gabriel (right) indicsted that Deutsche Bank and its chief executive, John Cryan (left) would receive little sympathy from Berlin

© FT montage; Reuters; Bloomberg

Germany’s deputy chancellor has launched a blistering attack on John Cryan, Deutsche Bank chief executive, as concerns continue to rise among the country’s political and corporate elite over the market storm threatening to engulf the country’s biggest lender.

Sigmar Gabriel, leader of the centre-left social democrats and Germany’s economics minister, took aim at a memo Mr Cryan sent to Deutsche staff last week after its shares plunged to 30-year lows. In it, he blamed “forces in the market” that were trying to destabilise the bank.

“I didn’t know whether I should laugh or be furious that a bank which turned speculation into a business model now declares itself the victim of speculators,” Mr Gabriel said. “I’m really worried about the people employed at Deutsche Bank.”

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