2/14, 8:00 AM (Source: TeleTrader)
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Shareholders want Deutsche Bank to cut US business - report

Major shareholders of Deutsche Bank are pressuring chairman Christian Sewing (pictured) to take "decisive action" and divest from the company's United States insurance business, citing losses and poor market performance, the Financial Times reported on Thursday.

According to sources familiar with the matter, some investors are asking for the bank to cut its US business by this summer and the report states that at least four supervisory board members believe the reduction in US business operations is necessary.

Deutsche Bank shares are down 13.26% over the past three months and they declined 41.44% in the last twelve months. The lender is being probed in the US over a money laundering scandal involving Danske AG. Meanwhile, reports indicate that the German company is considering merging with Commerzbank AG before the European election in May.

Breaking the News / VP