After six months of review and three statements in four days, Deutsche Bank laid out a new strategy Monday that underwhelmed investors.
Investors criticized the lower profitability target and lack of detail and questioned whether Co-Chief Executive Officers Anshu Jain and Juergen Fitschen, who have missed their goals for the past three years, will be able to deliver.
'It’s not really pioneering news', said Lutz Roehmeyer, who manages about $1.1bn at Landesbank Berlin Investment, which holds Deutsche Bank shares. 'It’s a general change of strategy toward investment banking, but only in baby steps. Compared to what they’re planning now, I wish they would have done nothing'.
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