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Deutsche Bank Slips After Citigroup CEO Dismisses Tie-Up Talks in Interview

Martin Baccardax

shares traded lower in Frankfurt Thursday following a report from a German business magazine in which Citigroup CEO Michael Corbat dismissed the prospects of a tie-up with the troubled European lender. Corbat reportedly told Manager Magazin, a respected business publication in Europe's largest economy, that there was "too much overlap" between Citigroup's and Deutsche Bank's businesses and that a takeover based purely on cost savings wasn't a good idea. Germany's biggest lender has been the subject of persistent takeover speculation following a series of disappointing quarterly earnings and news that activist investor Hudson Executive Capital LP, led by former JPMorgan CFO Douglas Braunstein, had built a 3.1% stake.