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source from：financial times 2016-09-30
Hedge fund jitters deepen concern over Deutsche Bank
Lender insists it is financially strong Commerzbank cuts add to anxiety
JAMES SHOTTER — BERLIN MARTIN ARNOLD AND LAURA NOONAN — LONDON
Hedge funds have started to pull some of their business from Deutsche Bank, setting up a potential showdown with German authorities over the future of the country’s largest lender.
As its shares fell sharply in New York trading last night, Deutsche was forced to issue a statement emphasising its strong financial position.
European regulators and government officials have kept a low profile in public over Deutsche’s deepening woes.
However, in private they have struck a sanguine tone, stressing that in extremis there is scope under European regulation to inject state funds to support the bank, provided it is done in line with market conditions.
Marcel Fratzscher, head of DIW Berlin, a think-tank, said: “If push comes to shove, the German government would contribute because Deutsche Bank is the only global bank that Germany has.”
A person briefed on the situation at Deutsche said some of the bank’s hedge fund clients had imposed risk limits on the business they do with it in response to the negative headlines swirling around the lender.
Deutsche has become the focal point of growing anxiety about the health of Europe’s banking system after the US Department of Justice told the bank it was seeking 14bn dollars for mis-selling mortgage-backed securities.
Shares in the bank, which hit a 33-year low this week, fell 7 per cent in New York, after they closed up 1 per cent in Frankfurt.
After a report by Bloomberg that about 10 hedge funds, including Millennium Partners, Capula Investment Management and Rokos Capital Management, had cut their exposure to Deutsche, the bank said: “Our trading clients are among the world’s most sophisticated investors.
“We are confident that the vast majority of them have a full understanding of our stable financial position, the current macroeconomic environment, the litigation process in the US and the progress we are making with our strategy.”
A London-based analyst said the 33bn euros of hedge fund money held by Deutsche was dwarfed by its 223bn euros liquidity reserves at the end of June, including cash and sovereign bonds. “They can last at least two months, more like three months, if no one deals with them,” he said.
The woes of German banks were further underlined yesterday as Commerzbank, Germany’s second-biggest lender, unveiled plans to cut 9,600 jobs and scrap its dividend “for the time being” to boost its flagging profitability.
Official concern about the state of European banks was reflected yesterday when the EU’s bank regulation chief warned that Brussels was prepared to reject international plans to toughen bank capital regulations if they piled excessive pressure on the sector.
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