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Germany Pressures Deutsche Bank to Speed Overhaul

  • Bank needs to settle U.S. probe and refocus, CDU’s Fuchs says
  • Government sees pressure for Cryan to shift business model
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Goldman's Swell Sees Opportunities in Deutsche Bank

Germany wants to see a swift settlement between Deutsche Bank AG and the U.S. government over a fine for mortgage-backed securities so the bank can focus on reshaping its business model, according to officials in Chancellor Angela Merkel’s administration.

Germany’s biggest bank needs to press ahead with measures such as job cuts, a shift to online banking and branch closures as part of a strategy that allows the nation’s banks to weather regulatory changes and low interest rates, one official said. Settling the U.S. case would create the breathing space to advance the process, another official said. Both asked not to be identified because they aren’t authorized to speak to the media. The German Finance Ministry declined to comment.