Deutsche Bank's incoming co-Chief Executive John Cryan on Wednesday postponed a detailed presentation of the lender's new strategy until the end of October but said he remains committed to trimming operations.
MarketWatch reports that in a letter to staff posted on the bank's website, he said: 'I am not going to tell you that all will be sweetness and light in the coming months', setting the stage for potentially deep cuts among staff and an increased focus on changing the business's corporate culture.
The former UBS finance chief started Wednesday as co-CEO alongside Jürgen Fitschen. He replaces Anshu Jain who stepped down last month amid criticism from regulators and investors.
Cryan on Wednesday stressed his commitment to the cornerstones of the strategy 2020, which includes shedding its Postbank retail banking business but said he would take the summer and fall to work out how to cut costs and other details of the new strategy. The presentation was previously slated to happen by the end of this month.
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