Deutsche Bank's woes continue

Deutsche Bank

John Cryan’s plan to revamp Deutsche Bank risks unraveling as the departure of the chief executive officer’s most senior hire presents one more false start to a strategy he laid out last year.

Bloomberg News reports that Quintin Price, hired in October to oversee growth in the bank’s asset-management business, is leaving the bank after going on medical leave in mid-April, the lender said on Wednesday.

In the last two weeks, Cryan has abandoned plans for a new digital bank in the U.S. and said the firm will struggle to sell its German retail unit Postbank. A sale of its British insurance business, Abbey Life, is complicated by a regulatory inquiry, according to a person familiar with the matter.

Price’s departure and the stalled sales threaten progress on half of the six priorities Cryan detailed in his plan to boost capital levels and profitability by simplifying the lender and shrinking the trading business. The British banker, who took the helm last year, is battling to restore investor and employee confidence after his firm’s shares fell by a third this year, outpacing the decline of its European peers.

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

Deutsche Bank CEO Cryan Gets No Relief as His Biggest Hire Exits

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