Trump defends use of Deutsche Bank, says bank has been 'maligned'

President Donald Trump defended troubled Deutsche Bank AG on Thursday and said the German financial institution wanted his business which is now the subject of investigations by congressional

President Donald Trump defended troubled Deutsche Bank AG on Thursday and said the German financial institution wanted his business which is now the subject of investigations by congressional

Deutsche Bank CEO Christian Sewing said he scolded senior staff members at its London office for getting suits fitted on the same day many of their fellow staffers were let go.

The bank on July 7 said it would slash 18,000 jobs - about 20% of its workforce - by 2022 as part of a sweeping overhaul of its operations after years of mismanagement, multibillion-dollar fines and declining revenue eroded profitability.

Some media had assumed the pictures of men carrying suit bags out of the office on Monday showed departing employees, when in fact they were there for a fitting. Numerous investment banking activities were carried out in NY and London.

London-based Financial News reported the custom-tailored outfits from Fielding and Nicholson were worth as much as £1,500 (RM7731) each.

"I can't understand that someone would call tailors to fit suits on Monday".

CEO Christian Sewing speaks during the annual shareholder meeting of Germany's largest business bank, Deutsche Bank, in Frankfurt May 23, 2019.

"I expect the two colleagues won't forget my call", he added, saying the London managers' "behaviour in no way corresponds with our values".

Asked if the incident would have consequences, Sewing said: "If you see it as a effect that the CEO personally calls his colleagues and talks to them about it, then yes".

Authorities in the USA are investigating Deutsche Bank in connection with its work for 1Malaysia Development Bhd (1MDB) - a multibillion-dollar state investment fund that became a major scandal after billions of dollars were siphoned off from it. However, the bank struggled for years with high costs, weak profits and a low share price. Analysts expect Deutsche Bank's departure to be a net benefit for USA -based investment banks like Goldman Sachs, Morgan Stanley and JPMorgan Chase.

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