Deutsche Bank to cut client list in half

Deutsche Bank - External

Anshu Jain spent two decades turning Deutsche Bank into a global investment-banking behemoth. Now the lender is cutting its client list in half and pulling out of countries around the world.

Bloomberg News reports that Deutsche Bank co-CEO John Cryan, in charge since Jain exited in June, said he’ll focus on the customers that generate most revenue, cutting jobs and scrapping a number of trading businesses.

Cryan, seeking to slash costs and revive a unit battered by regulatory mishaps and stiffer capital rules, wants to cut ties with 'high-risk' locations and customers with “limited prospects,” he said on Thursday.

While Cryan is trying to overhaul a business in upheaval since 2014, his plans also signal an end to the expansion once heralded by Jain, who rose to prominence building Deutsche Bank into Europe’s biggest investment bank and a leader in bond trading. 

To access the complete Bloomberg News article hit the link below:

Deutsche Bank Says Goodbye to Clients in Bid to Revive Returns

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