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Christian Sewing and Deutsche Bank: The risky game of the new boss

They really long for March 21 at Deutsche Bank. For the Saturday after next, the company invited people to the concert house on Berlin’s Gendarmenmarkt, the city in which the bank was founded 150 years ago to finance Prussia’s rise to industrial and commercial power. 1200 guests from politics, business and society are invited, the Federal President is to deliver the speech, the local Philharmonic are playing.

But the cozy feeling will not last long. Despite a renovated strategy – the fourth since the financial crisis – and a renewed board of directors, Germany’s largest bank is unable to get out of the crisis mode. CEO Christian Sewing likes to speak of “departure”, but the reality is gloomy: the second-largest annual loss in the company’s history, disorientation among the workforce and a austerity dictate that around 14,000 jobs will fall victim.

How Deutsche Bank intends to achieve its ambitious cost targets (they are expected to decrease from EUR 21.5 billion to EUR 17 billion) and return on investment (8 percent instead of recently -10.9 percent) by 2022 is a mystery. Especially since the corona crisis is now beating up the prospects. The stock is already descending.

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