, Columnist
Deutsche Bank Is Fine, Apart From the Bank Bit
There's little sign of John Cryan's much-promised turnaround.
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The best news Deutsche Bank CEO John Cryan had for shareholders on Friday is that, if you take out the whole banking part, there’s a really good business there.
Deutsche Bank’s asset-management business, which accounts for about one-tenth of the company’s revenue, was the only unit to report a return on equity of more than 2 percent for 2017. Across the firm, Deutsche Bank’s overall return on tangible equity last year was negative. Considering the industry's cost of capital is about 10 percent, that's bleak.