BANKING
Investors press Deutsche’s new CEO to flesh out turnaround details
Frankfurt — Leading shareholders in Deutsche Bank want new CEO Christian Sewing to flesh out the details of the turnaround plan he outlined for the German lender in April. Four of the bank’s top investors want the CEO to provide specifics on where he wants to scale back the investment bank when he reports second-quarter earnings on Wednesday. Two of those said more radical measures than Sewing had proposed were needed. The investors asked not to be identified. "The crucial question for investors is just how deep a restructuring Deutsche Bank needs to achieve sustainable profitability," said Alexandra Annecke, a fund manager at Union Investment, which owns about 0.15% in the bank, according to Bloomberg data. Sewing’s restructuring plan — the fourth in three years for Deutsche Bank — is centred on more job cuts and reductions to the investment bank. Some details have trickled in: at least 7,000 roles will be eliminated, with a focus on the US operations and the global equities busine...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.