Published on 17 Sep 2021 on Bloomberg via Yahoo Finance

Deutsche Bank’s CEO Says Sorry After Critical Analyst Report

(Bloomberg) -- Deutsche Bank AG Chief Executive Officer Christian Sewing apologized to the German Finance Ministry and the country’s top regulator for sharply-worded criticism by one of the firm’s research analysts, seeking to avoid tensions with two of its most important stakeholders ahead of elections this month.

Analyst Jan Schildbach -- in a note earlier this week on the reforms Germany needs as a financial center -- slammed the “qualifications” of regulators as well as a “failed” government-backed pension system. Sewing told German officials Deutsche Bank doesn’t share those views, said people familiar with the matter, who asked not to be identified.

The rare mea culpa highlights the sensitivities of Deutsche Bank’s sometimes strained relationship with regulators, as well as the urgency of being on good terms with Germany’s next government. Finance Minister Olaf Scholz of the left-leaning Social Democrats is the front-runner to take over from Angela Merkel. His ministry oversees BaFin and also has a role to play in shaping much of the regulation that the Deutsche Bank analyst slammed.