Deutsche Bank Doubles Down on Traders as Cost Goal Scrapped
- Lender lifts outlook after weathering fixed-income slump
- CEO Sewing is approaching final stretch of his turnaround plan
This article is for subscribers only.
Deutsche Bank AG’s traders kept Chief Executive Officer Christian Sewing’s overhaul alive when negative interest rates eroded income from lending. Now the CEO is counting on them to carry him to the finish line.
With Germany’s largest lender approaching the final stretch of his four-year plan, Sewing on Wednesday raised the revenue outlook on the back of another strong quarter in fixed-income. The boost should be enough to meet his key profit target next year, after the bank said it can’t lower costs as planned -- the one area that seemed within the control of the CEO when he laid out his vision in 2019.