FRANKFURT: The Qatari-backed lawyer tasked with trying to draw a line under Deutsche Bank's regulatory scandals has risen rapidly at the German bank, jumping to the management board after three years as a "sparring partner" on the bank's supervisory body.Deutsche Bank is desperate to clean up its act and restore its reputation after years of turmoil including the Libor rate-rigging scandal and money-laundering investigations, and Stefan Simon has an intimate knowledge of the bank's rocky relationships with regulators and courts.The enigmatic corporate lawyer will soon be sitting on Deutsche's management board, promoted from its external oversight board as part of a 7.4 billion euro (US$8.3 billion) overhaul which will see the bank shrink and lose 18,000 jobs.Simon joined Deutsche's supervisory board three years ago, with the backing of the lender's largest shareholder, Qatar. He played an influential role on that board, impressed his backers and served on the very committee that … [Read more...] about New man on the board to clean up Deutsche Bank’s act
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But when it came to making a decision, the bank’s stewards preferred more incremental steps -- until now. With a retreat that will see the lender exit its equities business and cut its 91,000-person work force by a fifth, Sewing is ending a trading foray that lasted for three decades and ultimately only led to losses. The plan “is a necessary and courageous step for Deutsche Bank,” said Michael Huenseler, a fund manager at Assenagon, which owns the bank’s stock. To be successful, “Sewing will need implementation discipline among the leadership, support from employees despite radical cuts, tailwind from the financial markets and clients and more than just a little bit of luck. None of this is certain.” Deutsche Bank shares dropped 1.7pc at 11:03 a.m. in Frankfurt, reversing early gains. Analysts said that while the restructuring was broader than expected, the newly announced targets will be tough to achieve. Goldman Sachs Group Inc.’s Jernej … [Read more...] about Deutsche Bank cuts job, plans radical surgery
LONDON/FRANKFURT: For Deutsche Bank chief executive Christian Sewing, shrinking the group's investment bank will be the relatively easy: if expensive: part of his restructuring plan.Finding steady revenue streams to produce the 7.4 billion euros (US$8.31 billion) the bank expects in charges from cutting down its trading arm will be more challenging.Germany's biggest bank said on Sunday it planned to focus on corporate banking, foreign exchange, deal-making, asset management, and private banking. All these areas potentially could provide less volatile revenue streams than the bank's equity and rates trading arms, but they are already fiercely competitive and undergoing sweeping technological changes.CORPORATE BANKINGDeutsche Bank wants corporate banking to be the center of its business.This involves building on its strengths in transaction banking - such as trade finance and cash management.The bank is held up by rivals as a traditionally strong performer in these areas, but its … [Read more...] about After Deutsche Bank cuts, where will the growth be?
Germany's biggest lender bank Deutsche Bank will slash around one in five of its workforce, an unprecedented round of departures for the bank FRANKFURT AM MAIN - Germany's biggest lender Deutsche Bank said Sunday it would cut 18,000 jobs by 2022, as the former leading light of the country's financial sector looks to escape years of turmoil.The slashing of around one in five of its workforce, to 74,000 employees, is an unprecedented round of departures for Deutsche.The bank said the layoffs would reduce annual costs by six billion euros ($6.7 billion) over the same period."Today we have announced the most fundamental transformation of Deutsche Bank in decades," chief executive Christian Sewing said, dubbing the scheme "a restart for Deutsche Bank".The lender did not immediately make clear where the axe would fall.But with executives looking to find synergies in the integration of subsidiary Postbank and central infrastructure roles, many jobs are likely to go in home … [Read more...] about Deutsche Bank says to slash 18,000 jobs by 2022
Business Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday. 18 Jun 2019 10:36PM Bookmark BERLIN: Deutsche Bank Chief Executive Christian Sewing is planning a major overhaul of top management, including replacing the finance chief, Bloomberg news agency reported on Tuesday.Citing an unnamed person close to the matter, Bloomberg said Sewing could remove James von Moltke as CFO.Separately, Germany business monthly Manager Magazin reported that Sewing was also discussing the possibility of replacing Garth Ritchie as head of investment banking to make the planned restructuring of the division a top priority.Deutsche Bank declined to comment.Shares in Deutsche Bank rose 2.7 percent on the news and traded 3.5per cent higher at 1411 GMT.In May, Sewing promised shareholders "tough cutbacks" at its underperforming investment bank, a major source of revenue for … [Read more...] about Deutsche Bank considers replacing CFO: report