Just How Deep Will Sewing Cut? Deutsche Bank Owners Want Details
- Bank has cut securities unit for years without much success
- ‘To date, revenue attrition has far outpaced cost reduction’
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Christian Sewing was barely two weeks into his role as chief executive officer of Deutsche Bank AG when he unveiled the outlines of a yet another turnaround plan for the German lender in April. Now shareholders say it’s time to flesh out the details.
Four of the bank’s top investors want the CEO to provide specifics on where he wants to scale back the investment bank when he reports second-quarter earnings on Wednesday. Two of those said more radical measures than Sewing has proposed are needed. The investors asked not to be identified in discussing their views.