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Deutsche Bank abandons digital bank plan in strategy U-turn

German lender sees project diverting resources from innovating its offerings to clients and rebuilding infrastructure
Wednesday, June 8, 2016 - 05:50
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While Mr Cryan has said that the bank has enough capital to repay all of its debt four-times over, Moody's Investors Service cut the company's senior unsecured debt metric and analysts have questioned its capital position.
BT_20160608_SYDIGI8PGLA_2323074.jpg
While Mr Cryan has said that the bank has enough capital to repay all of its debt four-times over, Moody's Investors Service cut the company's senior unsecured debt metric and analysts have questioned its capital position.

London

DEUTSCHE Bank AG chief executive officer John Cryan said Germany's largest lender is abandoning plans for a new digital bank in the US, led by Henry Ritchotte, just months after it was announced.

While the team under Mr Ritchotte developed an "excellent blueprint" for the

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