Reducing bonuses, slashing staff, selling assets and overhauling technology.
The Financial Times reports that John Cryan will aim to cement his reputation as an unflinching cost cutter when he unveils a new strategy for Deutsche Bank on Thursday — by reducing bonuses, slashing staff, selling assets and overhauling technology.
Deutsche’s co-CFO — who is known for drastically restructuring UBS after the financial crisis, when he was the Swiss bank’s Chief Financial Officer — is to tell investors that Germany’s biggest bank must address several problems.
The newspaper also reports that Cryan will promise to rip out and replace much of Deutsche Bank’s messy and outdated technology as one of his top priorities.
In discussions with colleagues, he has expressed alarm about the 'Horlicks', or total mess, the bank has made of its technology by allowing individual teams and traders to operate on their own incompatible platforms.