The bank 'is a restructuring case after a decade of mismanagement'.
Bloomberg News reports that Deutsche Bank co-CEO John Cryan is the 'right man' to shrink the balance sheet further and end a series of compliance issues that have sapped earnings, one of the bank’s top 20 shareholders said.
'Deutsche Bank is a restructuring case after a decade of mismanagement', Ingo Speich, a fund manager at Union Investment, said in a copy of a speech prepared for Deutsche Bank’s annual shareholder meeting in Frankfurt on Thursday. 'You must tackle the work your predecessors didn’t, clean up the balance sheet further and finally put an end to the legal risks'.
'At the end of the day, there’s no other way for Deutsche Bank than to shrink itself back to health', Speich said, citing pressures from negative interest rates, a drop in oil prices and declining revenues in the capital markets business.
Hit the link below to access the complete Bloomberg News article: