|
Since taking the helm in April, Christian Sewing has announced
plans to cut the lender's global equities business, as well as
U.S. bond trading and its business that serves hedge funds.
Speaking at a banking conference in Frankfurt, Sewing said this
should not be seen as a sign of retrenchment.
"Our global ambitions will not be up for debate under my
leadership," he said, adding a raft of political crises around
the world made it important that Deutsche Bank supported its
customers in their global business.
"I am quite convinced that this global position is just as
important for our economy today as it was after the fall of the
(Berlin) Wall."
In times of tension between Europe and the United States, Sewing
said he believed it would be "too risky" to leave the role of
financing and risk management up to a few non-European banks.
Deutsche Bank is trying to bounce back from three consecutive
years of losses and has had a run of negative headlines,
including an abrupt management reshuffle, a downgrade by credit
rating agency Standard & Poor's and failing the U.S. Federal
Reserve's stress test.
Sewing said Germany's largest lender did not have ambitions to
return to its status as a world market leader, as it was prior
to the global financial crisis.
"It would be wrong to say we wanted to be number 1, 2 or 3. Of
course we can't," he said. Instead the aim is to keep its top
positions in certain businesses, such as payment transactions,
euro and dollar clearing, and foreign exchange trading.
For this reason, Deutsche Bank needs to remain active in
investment banking, he said.
Sewing's main aim is to restore profitability at the bank and he
said the company needed to make "clear progress" on this in the
next 12-18 months.
Sewing said he expected the pressure for banks to consolidate to
increase as the sector faces the tougher regulation,
digitalization and changes in customer behavior.
"Europe doesn't need as many banks as possible. It especially
needs strong banks," he said.
He declined to comment on speculation that Deutsche Bank could
merge with local rival Commerzbank <CBKG.DE>.
(Reporting by Andreas Framke; Writing by Caroline Copley and
Mark Potter)
[© 2018 Thomson Reuters. All rights
reserved.] Copyright 2018 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
 |
|
