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>> Deutsche Bank's new CEO is talking tough. Christian Sewing saying Monday that turning the bank around will inevitably mean cutbacks. Reuters Peter Thal Larsen says that will be easier said than done.>> It's very hard to cut your way to glory in an investment banking business. And if Deutsche Bank were to retreat, which now seems likely, from certain areas, maybe try and build up some other areas.
That's quite a hard message to sell to people who are also being offered jobs by the likes of J.P. Morgan and Goldman Sachs. So if you're gonna compete in that business and no longer be a full service global investment bank, it's quite a tough message to get across.
>> Sewing's appointment signals a retreat from decades of expansion at Germany's largest lender, the group is battling to restore profitability after three years of losses. Now Sewing takes the helm from former boss John Cryan, appointed in 2015, his mandate was up in 2020. But investors lost faith in his ability to turn the bank around.
Sewing says the bank needs to set the bar for revenues higher in all business units and stick to cost cutting targets.>> Really, this business is all about financial results and he will have to improve the financial performance and deliver some kind of strategy for the investment bank that makes sense for Deutsche Bank.
And quite what that is nobody is really sure.>> Sewing was appointed at a hastily arranged board meeting on Sunday. With almost three decades at Deutsche, he will know the scale of the task ahead.