It was a prelude as he would provocative and self-deprecating hardly can be: “Please allow me to introduce myself, I’m the man who shuns the public”, were the first words of the German bank boss John Cryan, when he in Frankfurt the podium entered on Wednesday morning.
“Today I kick it twice,” he said defiantly and smiled at his audience. So swung the Briton about this day at two different events speeches, the attribute acts as indeed reclusive absurd – suddenly
Until recently, Cryan had. withdrawn the innermost of the bank and checked every screw. Very rarely he had appeared outside the institute in public places and has always occurred restrained. Yet his gaze was always grim, his brow furrowed with worry lines and the findings above, the bank was worrying.
end of January, he then announced a record loss and agreed a workforce and shareholders on a long losing streak. Investors took him very ill, they wanted a vision: German bank securities plunged on the stock exchanges.
Cryans statement, the institute is very solid, the price drop even fired. At times it almost seemed as if the British lose control of the situation.
boss makes jokes
But now the dust has settled on the markets and Cryan smiles while Finanztag the “Süddeutsche Zeitung” confidently. Now instead of the lackluster restoration company he mimes the strong visionary: “Many of you have determined demand in the past few weeks, what with us is going on,” he said. “The answer is: We much going on.” The sitting, many of those present in the hall to grin involuntarily.
No one had in the past few months “a more honest view” thrown at the institute when he so Cryan. “I have some discovered what I do not like but it is also true.. We are the changes consistently on”
After a few weeks ago yet be accused had to leave on the bench almost nothing good to say, he declared on Wednesday: “we are better than we are currently perceived by the outside”, and agreed to the praises of the Bank. The money home have cut the last great European stress test the banking supervisors in 2014 as one of the best institutes.
“And we have since become no less careful.” The German bank is the only international institution that could compete with US IPOs with the Americans, asset management was one of the ten best in the world.
He stressed that the bank will not give up its main pillar, the trading of fixed income securities and foreign exchange. “About 15 percent of all currency transactions are carried out worldwide.”
Better assessment for specialized financial institutions
The backbone of Germany’s largest bank is the international payments and capital market business, to companies from Germany to accompany in the world. he would raise this profile. The clean up contaminated sites of the Institute, was only one side of the coin. “We have a working business model. We will expand our position as a leading corporate and capital market banking in Europe,” he said.
The German bank was committed to the business model of “global universal bank” in the past year. It combines the investment banking with retail banking and asset management.
However, not honored the market this formation, especially. Geldhäuser be significantly higher rated, who specializes, instead of everything to make a bit.
UBS expects consolidation
counter-model to Deutsche Bank is about the Swiss bank UBS, which had come in the financial crisis because of its capital markets business in difficulties and has since more focused on asset management. UBS CEO Sergio Ermotti said in Frankfurt: “Each bank has to find out where it is strongest, does your DNA..”
The hot is not necessarily to set only a foothold. “It takes two to three strong mainstays -. Whether in different customer segments or geographic”
According Ermottis the overcapacity in the European banking market are responsible that the local financial institutions – unlike US banks – not get going in the return. “Consolidation is not the only, but in my opinion an almost inevitable consequence.”
The UBS even want here but did not seem to get involved big. The Bank has an asset manager – especially in the domestic market – already a large market share. Although UBS is open to fusion mind games. “But they are not very likely in our business model.”
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