Deutsche Bank is to cut more than 7000 jobs. CEO Christian Sewing, who is only a few weeks into the job, said the lender’s recent performance left him with no other choice.
Hudson Executive has built a 3.1-percent stake in Germany's biggest lender to become one of its major shareholders. The New York-based fund said it believed in CEO Christian Sewing to turn around the ailing business.
Germany's largest lender has reported a hefty drop in net profit for the third quarter amid a continued restructuring drive. Deutsche said it was aiming to return to profitability this year for the first time since 2014.
Germany's struggling lender Deutsche Bank says it's making quicker progress in cutting costs and reshaping its business model. The bank's second-quarter profit also beat analyst estimates.
Deutsche Bank's new CEO has no time to lose. He has only one chance to get the embattled financial giant back on its feet. If he fails, Germany's biggest lender will be history, writes DW business editor Henrik Böhme.
© 2018 Deutsche Welle |
Legal notice |
| Mobile version