Deutsche Bank's chief executive promised shareholders 'tough cutbacks&...
FRANKFURT - Deutsche Bank’s chief executive promised shareholders “tough cutbacks” at its underperforming investment bank on Thursday as he battled to convince them he can turn around Germany’s biggest lender, whose shares hit a record low.
After years of failing to keep pace with Wall Street’s big hitters such as JP Morgan and Goldman Sachs, Deutsche Bank is being pushed to retreat from riskier investment banking and focus its effort on mainstream markets. Shares in Deutsche Bank, which have lost 38% since last year’s shareholder meeting, were down 2.8% at 6.43 euros at 1334 GMT, slightly off their earlier life-time low.
But on Thursday Achleitner indicated that he would stay, telling shareholders: “Of course, I’ve made mistakes over the past seven years.”Cuts to the investment bank are overdue, Klaus Nieding, vice president of shareholder lobby group DSW, said.
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