Turmoil at Deutsche Bank reinforces the need for Germany to have global financial players, Finance Minister Olaf Scholz said, responding to a week of corporate upheaval in Europe’s largest economy.The comments hint at the political stakes for Chancellor Angela Merkel and her new government amid leadership changes at Germany’s biggest lender and at Volkswagen AG, the world’s biggest carmaker.“We’re keeping a close eye on it because these are important companies for the future of our country, which have to be successful in a globalized world,” Scholz, a Social Democrat who joined Merkel’s cabinet in March, said Wednesday after a government retreat near Berlin.“We have to understand that we need global, functioning banks in Germany that can stay competitive and project strength,” Scholz told reporters alongside Merkel, who said she “takes note” of the corporate changes.Deutsche Bank and Volkswagen both moved to replace their chief executive officers this week. The Frankfurt-based lender has struggled to adapt the company’s global investment banking business while Volkswagen is dealing with extended fallout from cheating on diesel-car emissions.“We need an auto industry that’s in a position to help shape technological change, so that it remains a lead industry of this country,” Scholz said.
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