European Central Bank President Mario Draghi shredded recent comments from Deutsche Bank CEO Christian Sewing that negative rates would ruin the banking system.
Costs at European banks are "completely way off," Draghi told reporters in Frankfurt on Thursday. And the need to adjust the business model to digitalization "is much more compelling than being angry about negative rates."
That won’t go unnoticed at Deutsche Bank’s twin towers in Frankfurt.
For more, click here for our TOPLive blog.
To contact the reporter on this story: Piotr Skolimowski in Frankfurt at pskolimowski@bloomberg.net
To contact the editor responsible for this story: Emma Ross-Thomas at erossthomas@bloomberg.net
