The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Breaking views: Deutsche revamp falls short of strategy

Josef Ackermann is giving Deutsche Bank a spring clean. He has streamlined the board and reaffirmed an ambitious return on equity target in the face of mounting doubt about its feasibility. He is preparing the bank he leads for hefty restructuring and job cuts. That might be what it needs but is not in itself a strategy.

Deutsche has long been seen as overstaffed in many areas. Its revenues per employee are among the lowest in the industry. And people familiar with it say it has a tendency to over-invest in extra bodies when a big piece of corporate business comes its way.

The decision to put the corporate and investment bank under two global heads, Michael Cohrs and Anshu Jain, apparently stems from the view that tough action is required to enhance productivity.

But Ackermann's latest push isn't entirely about costs. He is also acknowledging that Deutsche has lost ground in its home market. Bankers from different parts of the empire pitch ideas to German industrialists, ignorant of what their colleagues are up to. This approach hasn't gone down well with potential clients. Moreover, sometimes Deutsche's relationship with German business has seemed detached.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree