Shareholders of Deutsche Bank arrive for the bank's annual general meeting in Frankfurt, Germany, May 19, 2016. Picture taken with a long exposure. REUTERS/Kai Pfaffenbach
FRANKFURT: Deutsche Bank is discarding plans to set up a new digital banking service in the United States for fear of the move hampering a sweeping overhaul aimed at restoring the lender's fortunes after a damaging string of financial scandals.
An internal memo from chief executive John Cryan, seen by Reuters, said the bank judged that the implementation of such a service in the United States would have diverted resources from Deutsche's core strategy.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
