‘Fix your business model’: IMF’s Lagarde has strong words for Deutsche Bank
WASHINGTON/FRANKFURT — IMF chief Christine Lagarde gave Deutsche Bank some tough advice on Thursday, saying Germany’s biggest lender needed to reform its business model and rapidly reach a deal with US regulators over a potentially huge fine.A senior European official tried to shore up confidence in the continent’s banking system, saying it was working well overall, while sources said Germany’s financial watchdog had found no evidence so far that Deutsche violated money-laundering rules in Russia, possibly relieving one of its many headaches.Meanwhile, the CEOs of several German blue-chip companies had discussed Deutsche’s problems and were ready to offer a capital injection if needed to shore up the bank, newspaper Handelsblatt reported on Thursday.However, Lagarde did not mince her words about the problems of Deutsch, which the IMF has identified as a bigger potential risk to the financial system than any other global bank, in an era of ultra-low interest rates."Deutsche Bank, lik...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.