June 1, 2018 / 9:46 AM / 4 months ago

Deutsche Bank making progress on turnaround: ECB source

FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) has made good progress in its efforts to address regulatory concerns, a person familiar with the thinking of the European Central Bank said on Friday after Standard & Poor’s downgraded its rating on the German bank.

FILE PHOTO: The head quarters of Germany's largest business bank, Deutsche Bank, is photographed in Frankfurt, Germany, December 6, 2017. REUTERS/Kai Pfaffenbach/File Photo

“The bank has been making good progress over the past year to address its regulatory concerns,” the source said, requesting anonymity due to the sensitivity of the matter.

The European Central Bank is Deutsche Bank’s top supervisor.

“The bank now has a tighter management team, good capital and liquidity, and supervisors are reassured by the plans they see,” the source said.

Reporting by Andreas Framke; Writing Douglas Busvine; Editing by Edward Taylor and Edmund Blair

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