Deutsche Bank CEO warns of turbulence after Italy referendum

[FRANKFURT] Deutsche Bank's chief executive warned that the economic environment remained uncertain, particularly after Italian Prime Minister Matteo Renzi's defeat in a referendum over constitutional reform.

"The result of the constitutional referendum in Italy is a harbinger of renewed turbulence that could spill over from the political arena to the economy - with Europe particular endangered," John Cryan said in a letter to employees published on Deutsche Bank's website on Monday.

He also said Deutsche Bank still needed to finish negotiations with the US Department of Justice, which has demanded US$14 billion to settle claims the bank missold mortgage-backed securities.

Mr Cryan said he could not give details on how talks were progressing.

REUTERS