'tough cutbacks'

borne the brunt of monetary and reputational damage inflicted by a series of scandals, principally resulting from the bank's failure to uphold anti-money laundering (AML) controls. Deutsche has been the source of much negative publicity in recent years - from settlements with the U.S. Department of Justice, to management reshuffles, weak earnings, constant restructuring, merger speculation and steep stock price falls.

The bank defended its risk and control system on the grounds that it had "significantly improved" over the last three years, but the reputational cloud hanging over the bank has only darkened in recent weeks after reports that it prevented the flagging of suspicious transactions involving entities linked to President Donald Trump and son-in-law Jared Kushner.

The latest scandal to engulf Deutsche Bank came after a New York Times report alleged Deutsche Bank senior management ignored reports from employees about transactions in 2016 and 2017 which triggered its automated controls against illicit activity. The transactions allegedly related to entities controlled by Trump and Kushner, but the bank staunchly denied the report, saying in a statement that the "suggestion that anyone was reassigned or fired in an effort to quash concerns relating to any client is categorically false."

The president's relationship with Deutsche Bank has long been a source of scrutiny. Trump sued the bank last month to block its compliance with congressional subpoenas seeking access to his financial records. U.S. President Donald Trump walks toward journalists as he departs the White House for a campaign rally in Pennsylvania May 20, 2019 in Washington, DC.

A federal judge in New York City on Wednesday said Deutsche Bank can turn over financial documents related to President Donald Trump and his businesses in response to subpoenas from two Democratled House committees.