March 13, 2015 / 3:00 PM / 4 years ago

BlackRock's CEO backs Deutsche Bank's global ambitions - magazine

FRANKFURT, March 13 (Reuters) - BlackRock’s chief executive, Larry Fink, supports plans by Deutsche Bank’s co-chief executives Anshu Jain and Juergen Fitschen to pursue a global strategy with an emphasis on serving the capital markets, German magazine Spiegel said on Friday.

BlackRock is the world’s largest asset manager, with around $4.65 trillion in assets, and is also the largest shareholder in Deutsche Bank, holding a 6.2 percent stake.

“I think that there should also be banks in Europe that can accompany their clients worldwide. Beyond that, at BlackRock, we think that the capital markets are also going to be important in the future,” Fink was quoted as saying in the summary of an article due to appear in the magazine’s Saturday issue.

Deutsche Bank is in the middle of a sweeping strategic review where it is expected to cut costs, sell all or part of its Postbank network, and reduce some investment banking activities but keep a strong emphasis on the capital markets. (Reporting by Thomas Atkins; Editing by Greg Mahlich)

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