Deutsche Bank crisis: CEO Cryan calls for calm

Deutsche Bank CEO John Cryan on Friday sought to calm staffers about the soundness of the bank, after shares fell to fresh record lows on reports of the departure of approximately 10 hedge fund clients.

"Our bank has become subject to speculation," John Cryan said in a internal letter that outlined the bank's financial position and urged employees to not allow a "distorted perception" from interrupting its business.

"Trust is the foundation of banking," he wrote. "Some forces in the markets are currently trying to damage this trust" but “We are and remain a strong Deutsche Bank,” Cryan stressed.
German media reported earlier this week that Chancellor Angela Merkel's government was considering ways of rescuing Deutsche Bank. The government denied those reports, and Deutsche Bank said it had never asked Merkel for help.

“This will inevitably turnout to be a huge headache for the German government and how they react in the coming days is likely to be key in how this eventually plays out,” said Michael Hewson, chief market analyst at CMC Markets, in a note.