March 15, 2020 / 8:10 PM / 13 days ago

Deutsche Bank to operate globally in split teams from Monday

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) will operate globally in split teams from Monday in an effort to stem the spread of coronavirus, Germany’s largest lender said in an internal memo.

The bank, which has been trying to engineer a turnaround after years of losses, had already split some operations in various centers in recent weeks.

“We too have seen an increasing number of confirmed infections in our operations and central areas in recent days,” the memo, seen by Reuters on Sunday, said.

Some executives and investors have feared that the outbreak could stall the bank’s restructuring efforts, and Deutsche’s shares fell last week to a record low amid a broad market rout.

Chief Executive Christian Sewing, in an interview with a German newspaper published on Sunday, said the bank was on a firmer footing than before the financial crisis.

“Our balance sheet, I can say here, is more robust than I have ever experienced in my 30 years at Deutsche Bank,” he told the Frankfurter Allgemeine Zeitung.

The comments were the latest seeking to calm jittery investors and employees.

Reporting by Tom Sims; Editing by Alexander Smith

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