Deutsche and C Suisse to scale back global ambitions

Europe’s last global banks are caving in to pressure from regulators and preparing to tell investors just how much their aspirations will shrink.

'The European banks were too long holding onto the past and not realizing that this change is for good - it’s permanent', said Oswald Gruebel, a former CEO of both UBS Group and Credit Suisse. 'The main reason for reducing global investment banking is that with the capital requirements which the regulators put on these banks, you cannot make any decent return'.

Bloomberg News reports that Deutsche Bank announced sweeping management changes on Sunday, less than two weeks before co-CEO John Cryan will present his plans to scale back the trading empire built by his predecessor.

On Wednesday, Tidjane Thiam will probably reveal a strategy to prune Credit Suisse’s investment bank in favor of wealth management. Barclays, BNP Paribas and Standard Chartered are also trimming operations.

Hit the link below to access the complete Bloomberg article:

Deutsche Bank, Credit Suisse Set to Scale Back Global Ambitions

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