Top firm boss tells staff profits 'not nearly good enough

Deutsche Bank - Foyer Bridge

Deutsche Bank's profits are 'not nearly good enough, the bank's new CEO told staff as he unveiled his first set of financial results.

The Daily Telegraph reports that new boss John Cryan criticised costs, litigation and fines, and operating inefficiencies at the lender on Thursday. Deutsche Bank's profits shot up in the second quarter, coming in at $879.5m - more than three times the $255.9m profit in the same quarter of 2014.

But Cryan said far more work needed to be done.

'Solid revenue growth underscores the fundamental strengths of our businesses and the commitment of our people', he said.

'However, our challenges are also evident in the unacceptably high level of our costs, our continuing burden of heavy litigation charges, a balance sheet that must be more efficient, and the poor overall returns to our shareholders'.

To access the complete Daily Telegraph article hit the link below:

Deutsche Bank must do better, new chief John Cryan tells staff

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