German Economy Minister Sigmar Gabriel has lashed out at Deutsche Bank's handling of its troubles, saying "irresponsible" managers had put thousands of jobs at risk.
"I don't know whether to laugh or cry that the bank, which turned speculation into a business model, is now calling itself a victim of it," Gabriel told reporters yesterday, after CEO John Cryan this week blamed speculators for pushing the embattled lender's share price to a record low.
"The scenario is that thousands of people will lose their jobs. They now have to bear the responsibility for the madness carried out by irresponsible managers," said Gabriel, who is also Germany's vice-chancellor and leader of the Social Democrats, the junior partner in the coalition government.
"I don't know whether to laugh or cry that the bank, which turned speculation into a business model, is now calling itself a victim of it," Gabriel told reporters yesterday, after CEO John Cryan this week blamed speculators for pushing the embattled lender's share price to a record low.
"The scenario is that thousands of people will lose their jobs. They now have to bear the responsibility for the madness carried out by irresponsible managers," said Gabriel, who is also Germany's vice-chancellor and leader of the Social Democrats, the junior partner in the coalition government.
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Its share price fell to an all-time low last week amid concerns that the bank may lack the capital to service litigation costs and meet stricter regulatory standards. The catalyst for the recent selloff appears to be Chancellor Angela Merkel's comments, reported by Focus magazine, in which she ruled out state assistance for the bank.
Its share price fell to an all-time low last week amid concerns that the bank may lack the capital to service litigation costs and meet stricter regulatory standards. The catalyst for the recent selloff appears to be Chancellor Angela Merkel's comments, reported by Focus magazine, in which she ruled out state assistance for the bank.
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