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Fed calls Deutsche Bank’s U.S. operations troubled

The Federal Reserve has designated Deutsche Bank DB, -5.53% AG’s sprawling U.S. business in “troubled condition,” a rare censure for a major financial institution that contributed to constraints on its operations, according to people familiar with the matter.

The Fed’s downgrade, which took place about a year ago, is secret and hasn’t been previously made public. The “troubled condition” status—one of the lowest designations employed by the Fed—has influenced moves by the bank to reduce risk-taking in areas like trading and lending to customers.

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