LONDON — JPMorgan on Friday denied it had any plans to take a stake in Deutsche Bank after earlier reports in a German magazine.
Deutsche Bank shares jumped as much as 5% on Friday morning after WirtschaftsWoche magazine reported that JPMorgan and Industrial and Commercial Bank of China could be interested buying a stake, citing unnamed sources in German regional government.
Reuters followed up shortly after the original report with a denial from JPMorgan. “We are denying the story, it is not true,” a spokesperson told Reuters.
Deutsche Bank shares are trading close to all-time lows after a rocky start to the year for the long-troubled bank. CEO Christian Sewing was forced to reassure staff of the health of the bank in June after S&P downgraded its credit rating and news broke that US regulators had classified its operations in the country as “troubled.” Executives at the bank’s Australian business are also facing criminal charges in a cartel case.
Long-time Deutsche Bank staffer Sewing was named CEO in April after John Cryan was pushed out. Sewing has accelerated turnaround plans at the bank, announcing plans to cut 7,000 jobs.
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