Scholz Says Deutsche Bank ‘Profitable,’ No Need for Concern (1)

German Chancellor Olaf Scholz said there’s no reason for concern about Deutsche Bank AG after worries about the broader European banking sector sent the lender’s shares tumbling by the most in three years.

“Deutsche Bank has fundamentally modernized and reorganized its business model and is a very profitable bank,” Scholz said Friday at a news conference in Brussels when asked about the lender’s situation.

“There is no need to worry about anything,” he added. The German leader — who was finance minister under his predecessor Angela Merkel — was speaking after talks with European Union counterparts and European Central Bank ...