Deutsche Bank’s Lost Decade Haunts Sewing as Key Overhaul Nears
- The CEO pledged ‘tough’ cuts to end the banks’s free fall
- But a decade of strategic mistakes makes that a daunting task
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Christian Sewing has one more shot to reverse Deutsche Bank AG’s free fall as he prepares to announce “tough” cuts to the investment bank. It’s a daunting task.
The chief executive officer is zeroing in on reductions to the trading unit that may result in the shuttering of U.S. equities trading, the creation of a non-core unit to wind down as much as 50 billion euros ($56 billion) in unwanted assets, and cuts to the rates business, people familiar with the matter have said. He is also considering a management shakeup to replace the head of the investment bank, the top compliance officer and the finance chief.