Deutsche Bank CEO insists financial strength is ‘beyond doubt’ despite rating downgrade

Kai Pfaffenbach | Reuters

2016A statue is seen next to the logo of Germany’s Deutsche Bank in Frankfurt, Germany.

Nonetheless, in in his letter to staff Friday, Sewing insisted that credit and market risk levels had rarely been so low, speculation it was exposed to Italian turmoil was unfounded and funding plans for 2018 were progressing at a steady pace.

“Let’s face it, this is a situation where we are — if you look at our share price yesterday — vulnerable to speculation,” Deutsche Bank’s chief spokesperson, Joerg Eigendorf, told CNBC’s “Squawk Box Europe” Friday.

“The management has a plan, the management is executing on their plan and I can promise you there is no lack of determination,” he added.

Shares of Deutsche Bank traded around 1.5 percent higher during mid-morning deals Friday.

— CNBC’s Evelyn Chang contributed to this report.