The Deutsche CEO’s survival strategy is simple: slash costs, dump bad assets and grow in steady businesses like corporate banking. He’s succeeding on the first two and failing on the last, putting crucial 2022 returns targets at risk, says LiamWardProud:
Deutsche Bank on Oct. 30 said revenue was 5.3 billion euros in the three months ending on Sept. 30, or 15% lower than in the same period a year earlier. The German lender’s pre-tax loss was 687 million euros.
Chief Executive Christian Sewing said revenue at Deutsche’s “core bank”, or the bits of the business it plans to keep, shrank by 3% excluding one-off factors like derivative liability adjustments. Adjusted costs in the core bank were down 2% to 4.7 billion euros, leading to a pre-tax profit of 353 million euros for the unit.The company’s shares were down 5% at 6.83 euros at 0832 GMT.
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