Deutsche Bank AG stated that it has no plans to undermine the independence of its research division, following a controversial report that prompted CEO Christian Sewing to call U.S. Treasury Secretary Scott Bessent.

"It is normal for management to have slightly different views on certain issues than researchers," Sewing remarked on Thursday while presenting the company's earnings. "This benefits the bank and also benefits our clients."

Bessent disclosed last week that Sewing had called him to express disagreement with a report from the bank's analysts. The report suggested that Europe's willingness to hold U.S. assets might decline after former President Donald Trump's threats regarding Greenland. In the report, George Saravelos, Deutsche Bank's Global Head of FX Research, wrote that this rebalancing of the U.S. dollar could limit negative impacts on the euro.

Deutsche Bank's significant operations in the United States highlight the high sensitivity of this topic. Saravelos noted in the report that Europe is the largest lender to the U.S., with European countries holding approximately $8 trillion in U.S. bonds and equities—nearly double the combined holdings of the rest of the world.

Sewing declined to comment on Thursday regarding his conversations with any government officials. Earlier that day, Deutsche Bank Chief Financial Officer James von Moltke emphasized that the bank employs an excellent team of independent-thinking analysts who provide outstanding insights and analysis.

"The independence of research is absolutely sacrosanct," von Moltke stated. "Sometimes this may cause embarrassment for the company or bank sponsoring the research, but this independence is absolutely essential."