Deutsche Bank CEO warns of tough years ahead

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Dividend cuts, pay restraint and thousands of job cuts.

Deutsche Bank has warned of two tough years of 'as new chief John Cryan admitted to grave problems in implementing strategic and cultural change at the lender.

Reuters reports that Cryan, who took charge in July, is under pressure to overhaul Deutsche, which is struggling to end costly litigation from past scandals and adapt to tighter banking rules.

The bank will slash 15,000 jobs and shed businesses employing some 20,000 staff, and will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past.

'I do not think that 2016 and 2017 will be strong years', Cryan told a news conference on Thursday.

To access the complete Reuters article hit the link below:

Deutsche Bank's new chief warns of two tough years in strategy shift

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