Deutsche Bank Says Goodbye to Clients to Revive Returns
- Some residential MBS, CDS among businesses being abandoned
- 10 countries exited and clients with `limited prospects' cut
Is Deutsche Bank Moving in the Right Direction?
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Anshu Jain spent two decades turning Deutsche Bank AG into a global investment-banking behemoth. Now the lender is cutting its client list in half and pulling out of countries around the world.
Deutsche Bank co-Chief Executive Officer John Cryan, 54, in charge since Jain, 52, exited in June, said he’ll focus on the customers that generate most revenue, cutting jobs and scrapping a number of trading businesses. Cryan, seeking to slash costs and revive a unit battered by regulatory mishaps and stiffer capital rules, wants to cut ties with “high-risk” locations and customers with “limited prospects,” he said on Thursday.