Deustche Bank just named a new CEO, before John Cryan finished his 5 year restructuring plan. Christian Sewing was named as the new CEO by the chairman of the board Paul Achleitner. Sewing comes from the retail arm of the bank, the opposite of Cryan's background.
Do you see Deutsche leaving its CIB on the side? Especially in the US to focus on their retail banking and CIB in Europe, especially Germany?
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Honestly yes. Cryan was an IB guy. The other contender for CEO was head of IB and has now left. Deutsche has been talking for a long time about either investing more into the investment bank or getting out all together. The move to put a retail banking exec incharge plus concerns over spending (including tech spending) makes me think we could see either a dramatic downsizing or a sale of the IB franchise.
Thats my view as well, some BBs (UBS/DB) are moving away from M&A/S&T to Retail Banking/PWM. Due to EBs getting their hands on any mandate?
b
So true. Literally had an interview with them last cycle and couldn't find a single deal to research.
I am based in Europe, they still have few deals in Germany going but not many for sure.
well shit lol
DB
The company I used to work for has an alias for every firm they dealt with in the system. For DB, they had DBAG which is a short form of Deutsche Bank AG. I cracked up when I first saw it. This had to be intentional.
DBAG is Deutsche Beteiligungs AG. It's a listed Private Equity shop with ~€2bn AuM
Nope, CIB is a cornerstone of the business in the Americas. The newly appointed CEO does indeed intend to strengthen PWM/Retail in the German market though.
CIB might as well be the only business in the Americas, but that doesn't mean it's a good business.
https://www.wsj.com/articles/deutsche-banks-new-ceo-a-risk-veteran-warn…
The people that refuse to believe DB is no longer a BB or is leaving the BB ranks are the same people that do not believe WF and RBC are of BB status.
Just look at trajectory. I have a hard time seeing any rain makers staying at DB when any other bank in the top 15 will gladly pay them what they want to head their programs.
The press reports on Cryan's ouster have included vague references to "technology spending." Which is kind of amazing, because DB is probably the most technologically backward IB on the street.
More detail pls. What makes DB special in this regard?
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