Deutsche Bank CEO Christian Sewing declined to endorse an internal research note suggesting that European institutions might divest large holdings of U.S. Treasury securities, placing him in a delicate position between supporting his analyst team and maintaining a strategic relationship with the U.S. Treasury Department. The report, circulated by a senior fixed-income strategist last week, projected a potential 15% reduction in European central bank purchases of Treasuries over the next quarter. Sewing’s decision to distance the bank from the forecast underscores Deutsche Bank’s broader effort to safeguard its standing as a primary dealer for the U.S. government, where it executed more than $400 billion in Treasury auctions during the past 12 months.

Germany’s DBV labour union has formally demanded a 7% pay increase for up to 8,000 Deutsche Bank employees across its domestic operations, arguing that the bank’s return to profitability justifies higher staff compensation. Deutsche Bank reported net income of €3.2 billion for the first nine months of this year, reversing two consecutive years of losses. The union has also proposed an annual minimum bonus pool equivalent to 5% of the bank’s net profits, a move that, if accepted, could increase total employee costs by approximately €250 million annually.

Large Cap International Portfolio disclosed a purchase of 93,262 additional shares of Deutsche Bank, bringing its total holding to 502,805 shares, an increase of 22.77% since the beginning of the month. The fund’s move represents a significant confidence vote in Deutsche Bank’s strategic turnaround plan, which focuses on cost discipline and expansion in wealth management. With this stake now representing approximately 1.4% of the fund’s equity allocation, portfolio managers cited Deutsche Bank’s improved CET1 ratio of 13.8% and a return on tangible equity of 7.2% as key drivers behind the decision.