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JPMorgan Denies Report It's Considering Deutsche Bank Stake

Nicholas Comfort, Donal Griffin
JPMorgan Denies Report It's Considering Deutsche Bank Stake

JPMorgan Chase & Co. denied a report in German magazine WirtschaftsWoche that it’s interested in acquiring a stake in Deutsche Bank AG, after the lender’s share price slumped. The New York-based bank and Industrial & Commercial Bank of China Ltd. were named as being interested in an investment because Frankfurt will increase in importance after Brexit, the magazine said, citing “speculation” by investment bankers in Frankfurt. JPMorgan spokesman Patrick Burton rejected the speculation, while Deutsche Bank and ICBC officials declined to comment.