, Columnist
Deutsche Bank Is Playing for Time
The idea of radically shrinking the investment bank is gaining no traction.
Pulling his punches.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
The early release of some of Deutsche Bank AG’s quarterly results last week was a hint that analysts had become too gloomy about the battered lender’s fortunes. But the full figures published on Wednesday are a reminder that much of that gloom is justified.
CEO Christian Sewing’s strategy of playing for time — cutting costs while protecting the business’s core trading units — may make sense in the short term. But it will bring regrets if the environment gets worse.