Sewing's Options Dwindle as Fresh Scandals Hit Deutsche Bank
- Raids add pressure on CEO to show his turnaround is working
- With shares at a record low, a takeover would be difficult
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After working feverishly for months to accelerate a turnaround plan for Deutsche Bank AG, Chief Executive Officer Christian Sewing has hit a wall.
On Thursday, a day after he gave a pep talk to management, the bank’s headquarters including offices of its entire management board were searched by police. The shares fell to a record low amid the prospect of yet another costly probe, this time related to disclosures from the Panama Papers. Days earlier, the company was sucked deeper into another money laundering scandal at Danske Bank A/S.