'We have been focusing on costs. Now we need to focus a bit more on the revenues'.
Bloomberg News reports that just four months into his latest turnaround plan, John Cryan is already dialing back ambitions.
The CEO of Deutsche Bank on Thursday presented the weakest quarterly revenue in 3 1/2 years as earnings at the reorganized investment banking unit slumped 16 percent. The bank, which had predicted growth from regained market share this year, cautioned that revenues of its operating businesses will decline, sending the shares down by the most in more than four months.
“We have been focusing on costs. Now we need to focus a bit more on the revenues,” Cryan, 56, said in an interview.
Cryan said in March, when he announced the bank’s third revamp in as many years, that he’s trying to restore “modest growth” by pivoting Europe’s largest investment bank to corporate clients and emphasizing Deutsche Bank’s German roots.
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