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More Pain, Slow Gain as Europe's New Bank CEOs Expect Grim Years
By and
Updated on
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Cryan says next two years won't be strong at Deutsche Bank
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Barclays lowers 2016 profitability target on rising costs
When Will the Bad News End for European Banks?
Europe’s biggest investment banks are telling investors that it will take years for their overhauls to bear fruit.
John Cryan, Deutsche Bank AG’s co-chief executive officer since July, said on Thursday the next two years will be tough as plans to shed workers and businesses and revamp technology hurt results. He echoed remarks by Tidjane Thiam, Credit Suisse Group AG’s new CEO, who laid out his reorganization plan last week. Rising charges for misconduct and restructuring forced Barclays Plc to cut its profitability target for 2016.
