JPMorgan denies interest in top European rival

Deutsche Bank London

JPMorgan Chase has denied a report in German magazine WirtschaftsWoche that it’s interested in acquiring a stake in Deutsche Bank AG, after the lender’s share price slumped.

Bloomberg News reports that the New York-based bank and Industrial & Commercial Bank of China Ltd were named as being interested in an investment because Frankfurt will increase in importance after Brexit, the magazine said, citing “speculation” by investment bankers in Frankfurt.

JPMorgan spokesman Patrick Burton rejected the speculation, while Deutsche Bank and ICBC officials declined to comment.

Deutsche Bank has been trading near the record lows it reached last month. A tumultuous management reshuffle and a plan to reduce its global presence and workforce under Chief Executive Officer Christian Sewing have failed to win over investors.

Hit the link below to access the complete Bloomberg News article:

JPMorgan Denies Report It's Considering Deutsche Bank Stake

JPMorgan Asks ‘Several Dozen’ Bankers to Relocate in Brexit Plan

 

 

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