Addressing the “Handelsblatt daily”, Deutsche Bank’s Co-Chief, Garth Ritchie informed that the task of “restructuring” the bank might last for a period of “two to three years” more.
According to the paper quoting Ritchie during a “joint interview” with fellow head, Marcus Schenck:
“With a little support from the markets it will be more like two years, but if markets remain as sluggish as they are, we might be talking about three years”.
Facing the brunt of a “series of scandals” and “lawsuits” coupled with “bets that went wrong”, the bank was at the brink of collapsing last year. While, sometimes “earlier this year”, the company informed that it plans on bringing together its “markets, corporate finance and global transaction banking divisions” on a common platform to create a “single corporate and investment bank”, in CIB, which would be a part of its “broader restructuring” plans.
Moreover, Schenck also stated that he did not hear any shareholders doubting the above mention strategy undertaken by the lender to restructure itself. In Schenck’s words:
“Our job is not to maximize earnings for one or two quarters. If that’s what we wanted we would just need to throw a few switches and we could report higher profits”.
References:
reuters.com
According to the paper quoting Ritchie during a “joint interview” with fellow head, Marcus Schenck:
“With a little support from the markets it will be more like two years, but if markets remain as sluggish as they are, we might be talking about three years”.
Facing the brunt of a “series of scandals” and “lawsuits” coupled with “bets that went wrong”, the bank was at the brink of collapsing last year. While, sometimes “earlier this year”, the company informed that it plans on bringing together its “markets, corporate finance and global transaction banking divisions” on a common platform to create a “single corporate and investment bank”, in CIB, which would be a part of its “broader restructuring” plans.
Moreover, Schenck also stated that he did not hear any shareholders doubting the above mention strategy undertaken by the lender to restructure itself. In Schenck’s words:
“Our job is not to maximize earnings for one or two quarters. If that’s what we wanted we would just need to throw a few switches and we could report higher profits”.
References:
reuters.com