CEO John Cryan
is shooting down rumors about the multinational bank possibly selling Deutsche Asset Management
| John Cryan|
Co-Chief Executive Officer
Yesterday Cryan sent Deutsche Bank employees a letter, publicly available on the bank's website,
to address the rumors. Bloomberg
, and the Trade
all reported on the letter.
"Do not allow yourself to become distracted by speculation about alleged mergers or sales plans," Cryan writes. "There is one rumor in particular that I would like to dispel by making it unambiguously clear that Deutsche Asset Management is, and will remain, an essential part of our business model."
Under Cryan, Quintin Price
had led Deutsche Asset Management globally before taking medical leave in April and then exiting completely
in June. In October Axa veteran Nicholas Moreau
Price on the bank's management board.
On this side of the pond, Jerry Miller stepped down
earlier this year as head of the Americas for Deutsche Asset Management, and in June Bob Kendall
was named to take Miller's place.
Deutsche Asset Management had 719 billion euros (about $808 billion) in AUM as of June 2016.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now