Deutsche Bank's new Chief Executive John Cryan is planning to present his ideas on a strategic overhaul for the German lender to the supervisory board at the end of the month, a source familiar with the matter said.
Deutsche Bank’s new Chief Executive John Cryan is planning to present his ideas on a strategic overhaul for the German lender to the supervisory board at the end of the month, a source familiar with the matter said.
Cryan, co-CEO since July 1, will present initial proposals such as a retreat from six non-European countries, the source said, adding the meeting was planned for New York on July 30.
Deutsche is planning to pull out of countries such as Peru where it has only a small presence, the source said. The timing of the bank’s proposed listing of subsidiary Postbank will also be discussed, the source added.
Analysts are hoping for details of Deutsche Bank’s strategy when Cryan presents second-quarter earnings on July 30, expecting bold moves.
On his first day as CEO of Germany’s largest bank, the 54-year-old Briton warned employees not to expect only “sweetness and light in the coming months” and that they must repair a reputation damaged by misconduct.
Cryan has said in the post he would stick with a strategy set in train by former co-CEO Anshu Jain, but delay publication of details of the revamp by three months until the end of October.
Investors want to see the former investment banker, who has a reputation for swift action and straight talk, tackle a long list of problems that has pushed Deutsche Bank into a management crisis and depressed its share price.
Deutsche Bank was shaken after its two co-chief executives quit following a string of regulatory run-ins, failed promises and a shareholder vote of no confidence.
Cryan has described the bank as too complex, saying it was burdened by ineffective processes, antiquated technology and unsuccessful investments, touching on criticisms raised separately this week by the head of German financial watchdog Bafin.
The new CEO has vowed to close down business lines with poor prospects or standards.