THE LEX COLUMN: Sewing’s stitch in time to save Deutsche Bank
“It is different this time,” promised Christian Sewing, Deutsche Bank’s CEO. Plenty of grand plans have gone kaput at the German lender since predecessor Alfred Herrhausen imagined Deutsche as a global bank in 1989, shortly after the Berlin Wall fell.
As Sewing spoke, many Deutsche staff were having a Lehman moment. They were preparing for redundancy as their employer crashed out of full-service investment banking, albeit in better shape than the defunct Wall Street business.