Deutsche Bank Seeks to Break Vicious Circle as Growth Eludes
- Lender cuts revenue outlook after third quarter disappoints
- Executives again pledge to restore growth after cutting costs
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After multiple turnaround plans and promises to restore growth, Deutsche Bank AG investors are no longer buying the talk.
The German lender -- already the worst-performing major bank stock in Europe this year -- closed at a record low on Wednesday after Chief Executive Officer Christian Sewing conceded that cuts to the investment bank are having a deeper impact than expected. The continued bleeding, despite a decade-long bull market, is fueling speculation the bank may need to be merged before the next crisis hits.