Deutsche Bank Can't Hide From the Truth
Just three months into a new restructuring plan, Christian Sewing may have to rein in expectations of what it will achieve.
No one said this would be easy.
Photographer: Krisztian BocsiNo one said this was going to be easy. Deutsche Bank AG’s chief executive officer Christian Sewing is trying to shrink his company’s vast trading business and expand in lending, all while global economies sputter. But just three months into a three-year restructuring plan, he may have to rein in expectations of what it will achieve. That’s hardly reassuring.
The bank was upbeat about “positive momentum” in trading, growth in loans and assets under management, and market share gains. However, the numbers that matter most tell a different story. Deutsche reported a bigger-than expected loss in the third quarter of 2019 and is indicating that it will struggle to deliver the main objectives in its biggest reorganization in decades.