Deutsche boss apologises to Berlin over critical report

THE boss of Germany’s largest lender, Deutsche Bank, has been forced to apologise after one of its analysts criticised the government just days before crucial elections.

Christian Sewing has told German officials that the bank does not share the views of an analyst who dismissed a “failed” government-backed pension system in a note earlier this week, sources told Bloomberg.

Germans will go to the polls next Sunday to elect a new parliament and ultimately decide a successor to Angela Merkel, the outgoing chancellor who has dominated the country’s politics since 2005.

Finance minister Olaf Scholz, of the Social Democratic Party, is currently leading the polls and has been credited with bringing the Left back from the political dead. Images of him and the slogan “Scholz will tackle it” have been emblazoned on posters across the country. Christian Odendahl, chief economist at the Centre for European Reform (CER), a think tank, said “he’s easily the most experienced, sober and Merkel-like candidate”.

Mr Sewing’s attempt to soothe the situation highlights the importance of maintaining good relations with government officials after a rocky few years for the lender.

A spokesman for Deutsche Bank said: “On Tuesday, Deutsche Bank Research published a report on the status of the financial sector in Germany. In this report the author expresses his views and opinions. These are not shared by Deutsche Bank and were not authorised by Deutsche Bank Research leadership.

“In particular, Deutsche Bank and Deutsche Bank Research distance themselves from the inappropriate criticism in substance and tone of regulators and policymakers which were expressed in the research report.”