'He’s already made comments I’ve never heard from a bank CEO'.
Deutsche Bank investors have grown accustomed to John Cryan’s blunt talk since he took the helm a year ago. He’s chastised bankers for their pay and described his employer as an “endemic underperformer.”
“He’s already made comments I’ve never heard from a bank CEO,” said Michael Huenseler, who helps oversee about $18.7bn, including Deutsche Bank debt, at Assenagon Asset Management in Munich. “Highlighting that clients were thin-skinned may be true, but it isn’t necessarily helpful.”
"The tough environment took its toll on our share price and on those of many other banks” in the second quarter, Cryan, 55, wrote to the bank’s more than 100,000 employees. “Doubts were raised about our financial strength. These were unjustified but they unsettled some clients and that made our day-to-day work more difficult."
Cryan is working to revive profit and meet stricter capital requirements at the bank, while digesting mounting fines for misconduct. Investors aren’t the only ones with a stake in his success: the International Monetary Fund said last month that Deutsche Bank’s connections to other banks may make it the single biggest contributor to systemic risk among global banks.
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