'I’m not optimistic on their goals'.
John Cryan and Tidjane Thiam received failing grades a year into their jobs in an informal survey of investors and analysts that reflected doubts about their ability to turn around two of Europe’s biggest banks.
Bloomberg News reports that Cryan, the CEO of Deutsche Bank, was viewed more favorably than Thiam, his counterpart at Credit Suisse, winning higher marks on communication and execution, according to the June survey of 11 investors and seven analysts who follow both companies. Yet Thiam, a former McKinsey consultant, had a better score on strategic thinking.
'There’s some light, but a lot more shadow', said Boris Boehm, who helps manage $2.4bn at Aramea Asset Management in Hamburg. 'I’m not optimistic on their goals'.
The doubts are reflected in the banks’ shares, which lost more than half their value in the past 12 months, compared with the 43% drop in Bloomberg’s European banks index. Deutsche Bank trades at about a third of its tangible book value, meaning investors view its assets as worth less than its accounts indicate. Credit Suisse trades at about half of tangible book.
To access the complete Bloomberg News article hit the link below: