German Bank CEO takes hard by – THE WORLD

The new head John Cryan wants to bring the German bank with a radical treatment on course and close the gap on the competition. The almost 100,000 employees must prepare themselves for severe cutbacks. “Changes can be stressful, but maintain the status quo is not an option,” wrote the Briton to the workforce. Although it was 818 million euros to more than triple the net income for the second quarter of Germany’s biggest money home, because the days business was robust. But it was “because not nearly where we should be,” Cryan found clear words. The costs were too high: “Our main challenge is strategic in nature, we have a structural cost problem which is obvious,” he said to the investors at the launch of the results

Cryan sitting since July 1 on the executive chair. He took over from Anshu Jain, who resigned after criticism from supervisors and investors because of years of group restructuring has not brought the desired results. In return, the bank has remained below expectations, the dividend is stagnating, while the US competition which attracts. Many European banks have consistently saved as the German bank.

For the people of Frankfurt to the new “2020 Strategy” bring the breakthrough. Cryan, who sat the last two years on the Supervisory Board, has helped to develop it. Details he wants to introduce in October. In essence, it comes to be smaller – including through the sale of Postbank, the dismantling of the private client business and a retreat from several countries. The investment bank, which needs a lot of capital is to slim down. Observers expect that the Group thousands of jobs disappear

Cryan made it clear where the journey goes:.. “So our strategy is successful, we need to be more efficient, we must be disciplined at the question of how, where and with whom we do business. ” The German bank did not draw from their potential. At the same time Cryan asked for patience in transforming the Bank “. It will take years to deliver” But many believe to him, the long-promised “culture change” actually implement – as a man from the outside, he must on no cliques considerate and can give the new beginning credibility. Officially Cryan has until spring still Jürgen Fitschen as Co-Chief on the side. The Lower Saxony is to open the doors to the British domestic economic variables and make the transition. At the shareholders the news came on Thursday at good: The share climbed to its highest price in three months.

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