The stock is now up 13.7%.
Deutsche Bank’s CEO wants to make it very clear to his employees that their company is not in trouble.
John Cryan wrote an email Friday to try reassure to his 100,000 workers that they are working for a strong bank, despite news that hedge funds have begun pulling their business. Investors have also worried that Deutsche Bank won’t have enough to cover a estimated $14 billion settlement with the Department of Justice in relation to mortgage-backed securities.
That letter is likely giving a little more confidence to employees now, as the bank stock reverses its losses over the past week, surging 13.5% on news that the settlement is likely to be just $5.4 billion, the AFP reported.
In the email, Cryan attributed the recent swings in Deutsche Bank’s stock price to “ongoing rumors.”
“Trust is the foundation of banking,” he wrote. “Some forces in the markets are currently trying to damage this trust.”
Here’s Cryan’s note in its entirety.