June 6, 2018 / 11:33 AM / 6 months ago

Scope downgrades Deutsche Bank's rating outlook to 'negative'

FILE PHOTO: A Deutsche Bank sign is seen on the floor of the New York Stock Exchange January 15, 2014. REUTERS/Brendan McDermid

LONDON (Reuters) - Scope announced on Wednesday it had decided to downgrade Deutsche Bank’s (DBKGn.DE) rating outlook to “negative” from “stable” despite the change in management at the German lender.

“Indifferent of top management changes, the group faces ongoing steep challenges for its multi-year business-model and activity-mix recalibration effort,” the rating agency said in a statement, adding that “headline risk also remains from the legacy of past activities”.

The outlook change comes a week after a report said the U.S. regulator viewed one of Deutsche Bank’s U.S. businesses as “troubled” and Standard & Poor’s downgraded its credit rating.

Deutsche Bank (DBKGn.DE) hired a new CEO in April and announced on May 24 plans to slash more than 7,000 jobs to cut costs and restore profitability.

Reporting by Julien Ponthus; Editing by Maria Sheahan

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