Willing to pay higher costs to do business in the U.S.
Bloomberg News reports that Deutsche Bank is willing to pay higher costs to do business in the U.S. because other regions don’t offer fees that can top the world’s deepest capital markets, co-Chief Executive Officer John Cryan said.
“Not to be in the U.S. would just be inconceivable,” Cryan, 54, said Tuesday at a conference organized by Goldman Sachs Group Inc. in New York. “I’ve spent time in Asia. There’s not much of a fee pool there, it’s hugely competed for, the capital markets are not deep and it’s just not a replacement for the U.S.”
Cryan, who took over from Anshu Jain in July, is shrinking assets and investing in better controls to help meet regulatory reporting and capital requirements in the U.S. and elsewhere.
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