Sewing’s savings: how Deutsche Bank will try to turn itself around

Germany’s biggest bank wants to convince investors that its latest restructuring effort differs from previous attempts by returning the firm to its original mission.

Deutsche Bank chief executive Christian Sewing on Monday morning unveiled what he described as the most radical transformation of the bank in decades.

“We are doing nothing short of reinventing Deutsche Bank,” he told participants on a conference call intended to put flesh on the bones of a strategy that had been announced after a supervisory board meeting on Sunday.

Banks typically reach for the axe and the org chart when looking to present themselves as transforming.

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