John Cryan, Deutsche Bank’s new CEO, will not present 'big bang' reforms when the supervisory board gathers Thursday evening, rather an acceleration of existing plans to shed assets and exit countries.
Reuters reports that the group’s 19-member supervisory board convened for a three-day retreat planned for the luxury Alpine resort near the Tegernsee lake south of Munich, a favourite location for Germany’s corporate executives.
Cryan’s ability to launch major reforms is limited by numerous factors, including the costly overhang of outstanding litigation, discussions held by Reuters with several people involved in the weekend retreat revealed.
He will continue the bank’s 'salami slicing' tactic of making incremental changes and cuts to its balance sheet to avoid hefty one-off charges.
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