- Deutsche Bank shares popped 5% on Friday morning after a German business magazine said JPMorgan and the Industrial and Commercial Bank of China could be interested in taking a stake.
- JPMorgan has denied the story.
LONDON – JPMorgan on Friday denied having any plans to take a stake in Deutsche Bank.
Deutsche Bank shares had jumped as much as 5% on Friday morning after the German magazine WirtschaftsWoche reported that JPMorgan and Industrial and Commercial Bank of China could be interested buying a stake, citing unnamed sources in German regional government.
Reuters followed up shortly afterward with a denial from JPMorgan. “We are denying the story – it is not true,” a company representative told Reuters.
Deutsche Bank shares are trading close to all-time lows after a rocky start to the year for the long-troubled bank. CEO Christian Sewing was forced to reassure employees of the health of the bank in June after S&P downgraded its credit rating and news broke that US regulators had classified its operations in the country as “troubled.” Executives at the bank’s Australian business are also facing criminal charges in a cartel case.
A longtime Deutsche Bank staffer, Sewing was named CEO in April after John Cryan was pushed out. Sewing has accelerated turnaround plans at the bank, announcing plans to cut 7,000 jobs.
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