Deutsche Bank discards plans for US digital bank: memo

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. 

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