Deutsche Bank's Sewing Sets Out Tough Targets on First Day
09 April 2018 - 5:22PM
Dow Jones News
By Nathan Allen
Deutsche Bank AG's (DBK.XE) new chief executive said Monday that
he recognizes the bank is faced with a big challenge to turn itself
around, but he emphasized that the new leadership wouldn't accept
missed targets.
"We have to regain our hunger for business, achieve improvements
in all business divisions and set the bar higher," Christian Sewing
said in his first day on the job.
Deutsche Bank, grappling with a string of full-year losses, said
Sunday that it would replace John Cryan as chief executive with Mr.
Sewing, the German head of its retail bank, effective
immediately.
Cost setbacks, such as those seen in the fourth quarter of 2017
"are not to be repeated under any circumstances," he said.
Mr. Sewing said the bank's adjusted costs in 2018 must not
exceed 23 billion euros ($28.24 billion).
The executive also said the bank will revise its internal
processes in an effort to eliminate bureaucracy and
duplication.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
April 09, 2018 03:07 ET (07:07 GMT)
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