Shareholders celebrate chief change at German bank – Reuters Germany

       

– Andreas Kröner and Alexander Hübner

       

Frankfurt (Reuters) – clearly the response to the resignation of the two German bank chiefs could hardly have failed.

       

The shares of the largest German money house fired on Monday to temporarily more than eight percent in the amount – be market capitalization rose by more than three billion euros. Investors and security holders are betting that the future CEO John Cryan clears up in the scandal-ridden bank and breath of fresh air. “He is someone who also penetrated what it promises, or even exceeded the targets,” said one of the ten largest shareholders of the Reuters news agency. The Briton was the man for the top job. “In the Bank, there has been no shortage in recent years of vision, but in the implementation.”

       

Especially when pressing issue cost reduction, where under continuous criticism previous chiefs Anshu Jain and Jürgen Fitschen fell short of expectations, Cryan would act consistently, many believe. The investment banker has gained as CFO of Swiss bank UBS 2008-2011 a reputation as Aufräumer. “He will take care of a reboot,” says fund manager Guy de Blonay by the British asset manager Jupiter Financial. Analysts at Citigroup distributed Vorschusslorbeeren: Cryan was highly regarded. He could succeed better implement the chosen strategy and achieve higher profits. “We believe that the German bank is at a turning point.”

       

a radical change of the Deutsche Bank, however, do not expect experts from Cryan. The 54-year-old, who is on the board of the Institute since 2013, is basically behind the initiated Jain and Fitschen change in strategy, such as bank insiders stress. The details of the new man at the helm but leeway. Then put the investors who could fail in May the long-awaited draft strategy of Jain and Fitschen at the AGM. “We have much less liquidity, because banks rightly withdraw from investment banking. I would appreciate it very much if we would see even at Deutsche Bank more of it,” said the former Swiss central banker Philipp Hildebrand from the world’s biggest asset manager BlackRock, which with six percent largest shareholder of Deutsche Bank.

        
       

RETHINKING after the General Meeting

       

Cryan could pass through stronger investment banking. “He does unsure lighter than Jain, who has led the division for many years in cuts in investment banking,” said the top 10 shareholders. Other sites such as retail banking in some southern European countries or to sell the stake in the Chinese Hua Xia Bank, the new boss could tackle unloaded courageous. You to consider that a drastic shrinking of the investment bank could shrink the profits Analysts at Berenberg. “We currently do not see that alone the chief change brings the German bank in the long term back on track.”

       

Supervisory Board Chairman Paul Achleitner is betting that the Cryan regarded as modest and down to earth can embody the “cultural transformation” of the bank more credible than the Attempted three years ago dual leadership. The new head stand “personally and professionally for the values ​​that are needed to advance the German Bank”, Achleitner wrote in a letter to the 100,000 employees of the institution [ID: nL5N0YU1GR]. Continued …