Little Time? At the end of the text there’s a summary.
There are phrases that you will not hear from his boss prefers. “Changes can be stressful,” the over 100,000 employees of Deutsche Bank were allowed to read this Thursday in an email, “but maintain the status quo is not an option”. It will therefore still be in the course of this year, “a number of important changes”. Sender of tough talk was the new strong man in Germany’s biggest money home: John Cryan. The new chief wants to overhaul the Bank radically – and he makes it clear that this will be no walk.
Cryan wants to reduce in particular the costs which burden the profits of the bank for years. How oppressive is this burden, can be seen in the figures for the second quarter that the Bank published on Thursday. Of the total income of 9.2 billion euros remained just left a good 800 million euros profit. For Cryan is “simply unacceptable”.
The British-born, who was only two years on the Supervisory Board of the Bank wants to do many things differently than his predecessor Anshu Jain. This had resigned in early June after numerous scandals under pressure from shareholders and regulators. Even the former co-CEO Juergen Fitschen will cease, but remains until spring 2016 to make Cryan known especially in companies and politics in Germany.
The course is now but Cryan ago. Basically, he wants to here at the end of April more of Jain and Fitschen presented “2020″ holding that the sale of Postbank and the retreat of individual countries and products which among other things, that are no longer worth or have become too risky. “We have to be disciplined in how, where and with whom we do business,” Cryan said on Thursday.
The investment banking division, which has always been promoted by Jain, expected a bigger decline than initially thought. Especially those areas for which the Bank must maintain much private capital because of regulatory requirements, are for Cryan a “luxury we can no longer allow ourselves”.
“It is not now more by words, but by deeds “
Cryan wants the entire organization of the Bank make it more efficient, thus saving money in the long term. The technology platform of the Group is about “antiquated”, he said, the control model so complex that it hinders effective decision-making. All this will be but not to repair in months, “it will take years”.
Similarly, long expected, the bank also still busy with the scandals of the past, which are reflected repeatedly in high penalties. Only in April, the Group paid $ 2.5 billion his involvement in rate-fixing.
Even now 3.8 billion euros are set aside for legal legacy in the balance sheet. There are also other potential risks of EUR 3.2 billion – a total of seven billion euros. “We do not know what we need when pay,” Cryan said. “This is frustrating for us.”
The investors Cryans words came nevertheless good. They apparently believe that the New can change the fortunes. Accordingly, the shares of Deutsche Bank 
on Thursday by more than five percent.
Not only the ordinary people have to fear Cryans remodeling. Even at the highest management level of the new boss is likely to vigorously clean up. Several board members are affected by the scandals of the past and also very closely linked to ex-chief Jain. . Hard to imagine that they can just go on with Cryan
Even for them the clear announcements Cryans must sound like a threat: “There now is no longer about words, but deeds.”
summary The new head of Deutsche Bank, John Cryan has, for the first time on Thursday expressed in detail the future of Deutsche Bank. It became clear: He wants to change the organization of the bank, reduce costs and give businesses that do not pay off. It should also be many job losses.
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