June 6, 2018 / 11:33 AM / 4 months ago

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

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.

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

“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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