A blunt-speaking new chief executive steps up and declares that Deutsche Bank has allowed itself to become too inefficient. The cost base is swollen by poor and ineffective processes. The bank is too diversified and too complex for its own good and must simplify its business model. Where the new broom encounters marginal businesses with poor prospects they will be swept away. And there’s more. The bank absolutely must wean itself off the proliferation of committees and instead empower managers to make tough decisions that are then properly documented and implemented.
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