Deutsche Bank’s Historic Revamp Hit by Sagging German Economy
- Bank is refocusing on its roots serving German companies
- As Germany shrinks, the CEO’s uphill battle is getting steeper
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One month into Deutsche Bank AG’s boldest restructuring effort yet, the world has turned against Chief Executive Officer Christian Sewing. Or at least, Germany has.
Fears of an economic recession and the specter of even lower interest rates have taken a toll on banks across Europe. But for Sewing, who just pinned his bank’s future on closer ties with Germany’s export-oriented companies in a pivot away from Wall Street investment banking, the rapid deterioration comes at a particularly bad time.