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Deutsche Bank shake-up given seal of approval by investors Deutsche Bank shakeup given seal of approval by investors
(34 minutes later)
Deutsche Bank’s shares have risen more than 3% as investors welcomed Chief Executive John Cryan’s plan to restructure the German bank and cull managers to cut costs and move on from past scandals. Deutsche Bank’s shares have risen more than 3% as investors welcome chief executive John Cryan’s plan to restructure the German bank and cull managers to cut costs and move on from past scandals.
Cryan is under pressure to reform the bank, with costly litigation from a series of scandals and the fallout from the Asian market rout pushing its valuation well below rivals such as Credit Suisse and UBS, which have already started their own restructuring. Cryan is under pressure to reform the bank, with costly litigation from a series of scandals and the fallout from the Asian market rout pushing its valuation well below rivals such as Credit Suisse and UBS.
Shares in Germany’s biggest bank were up 3.5%, the top performer in a slightly firmer European bank sector .Shares in Germany’s biggest bank were up 3.5%, the top performer in a slightly firmer European bank sector .
“The fresh start as far as personnel is concerned has been done. Now the bank needs to deliver substance,” said Ingo Speich from Union Investment, one of Deutsche’s top 20 shareholders.“The fresh start as far as personnel is concerned has been done. Now the bank needs to deliver substance,” said Ingo Speich from Union Investment, one of Deutsche’s top 20 shareholders.
Deutsche Bank said on Sunday it would split its investment bank in two and part ways with three of its eight management board members.Deutsche Bank said on Sunday it would split its investment bank in two and part ways with three of its eight management board members.
JPMorgan analyst Kian Abouhossein said it showed Cryan would be “cutting bureaucracy and improving process efficiency and accountability”.JPMorgan analyst Kian Abouhossein said it showed Cryan would be “cutting bureaucracy and improving process efficiency and accountability”.
“It illustrates ... Cryan is not afraid to make material changes and has the support of the supervisory board in doing so,” he said.“It illustrates ... Cryan is not afraid to make material changes and has the support of the supervisory board in doing so,” he said.
Cryan, who will give more details on his strategy later this month, is among new bosses at European banks planning to restructure, including at Credit Suisse, Barclays and Standard Chartered. Cryan, who will give more details on his strategy later this month, is among the new bosses at European banks – including Credit Suisse, Barclays and Standard Chartered – planning to restructure.
Thousands of jobs cuts, business closures and billions of euros of capital raisings are on the cards as the heads of Europe’s biggest lenders respond to pressure to revive their fortunes.Thousands of jobs cuts, business closures and billions of euros of capital raisings are on the cards as the heads of Europe’s biggest lenders respond to pressure to revive their fortunes.
Credit Suisse’s new chief executive, Tidjane Thiam, will reveal his strategy on Wednesday. It is expected to include plans to raise billion of euros and refocus on wealth and asset management, and reduce the investment bank.Credit Suisse’s new chief executive, Tidjane Thiam, will reveal his strategy on Wednesday. It is expected to include plans to raise billion of euros and refocus on wealth and asset management, and reduce the investment bank.
As part of Deutsche Bank’s shake-up, the sales and trading activities will form a new division called Global Markets, while the corporate and transaction banking operations will be brought together in a Corporate & Investment Banking unit. As part of Deutsche Bank’s shakeup, the sales and trading activities will form a new division called Global Markets, while the corporate and transaction banking operations will be brought together in a Corporate & Investment Banking unit.