“It is different this time,” says chief executive Christian Sewing, of Deutsche Bank’s latest restructuring. Management and the board are not asking shareholders to stump up new money to meet the €7.4 billion costs of exiting equity sales and trading, cutting back in rates, eliminating 18,000 jobs and reducing the balance sheet by 20%.
Maybe that’s making a virtue out of necessity. One shudders to think how shareholders in a bank with a market capitalization of just €15 billion might have reacted if they had been asked to fund this, with the shares trading around 0.2
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