Deutsche Bank US arm considered 'troubled' by Fed

Deutsche Bank's shares have plunged following reports that the US Federal Reserve quietly decided the bank's US arm was "troubled" up to a year ago. 
The Federal Reserve found the struggling lender's US business to be in "troubled condition" last year, according to The Wall Street Journal, a status that has forced it to seek Fed approval for hiring and firing US executives.  
The downgrade has added to Deutsche Bank's headaches as it looks to cut thousands of jobs in a bid to return to profit. Its shares fell more than 7pc on Thursday.
Spokespeople for the Federal Reserve and Deutsche Bank declined to comment on the assessment. 
A Deutsche Bank spokesman said: "We have previously indicated that our regulators have identified various areas for improvement relating to our control environment and infrastructure.
"We are highly focused on addressing identified weaknesses in our US operations." 
Deutsche Bank US arm considered 'troubled' by Fed

The bank has posted three consecutive years of losses, leading to the ousting of its previous boss John Cryan in April. 
The report emerged just a day after chief executive Christian Sewing said the German bank was committed to the US despite rumours of major job cuts.
It's been a tough period for the lender, which has posted three consecutive years of losses and announced thousands of job cuts at its annual general meeting last week. 
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