Deutsche Bank Rating Cut by Fitch as Cryan Turnaround Stalls
- Fitch cuts long-term rating to BBB+, three levels above junk
- ‘Deutsche Bank has further to go’ than its peers, Fitch says
The twin tower skyscraper headquarter offices of Deutsche Bank AG stand in Frankfurt.
Photographer: Krisztian Bocsi/BloombergJohn Cryan is facing increasing skepticism he can revive growth at Deutsche Bank AG as the lender struggles to win back clients and market share after last year’s slump.
Deutsche Bank had its long-term credit grade cut one level by Fitch Ratings late Thursday, which said the lender will take longer to revive growth under a turnaround plan unveiled in March. That came a week after Autonomous Research LLP said the lender may be “beyond repair” unless there’s a “miracle” boom at its once-mighty bond-trading business.