Deutsche Bank CEO Sewing: 'We have to regain our hunger for business'
Christian Sewing, Deutsche Bank's new CEO, sent out a message to all employees: "The challenge ahead is a big one for all of us. We all know and sense how fast our industry is changing. The time pressure is on and the expectations are high from all sides - our clients, our investors, the regulators, politicians and the media. Two stakeholder groups are now my main focus: our clients and you my valued colleagues. The expertise and drive of our employees around the globe is what characterises our bank. However, we know that we will have to develop further. This is for us to actively manage. We have to make decisions faster and more clearly, we have to collaborate better, and we have to put team spirit at the heart of what we do. To unlock our bank's greatest potential we must all think more about how to support our colleagues. This is what will make Deutsche Bank more successful. Rest assured that I will emphasise a team approach. That will be the first imperative for the Management Board: teamwork starts with us and in particular between Garth, Karl and myself. First and foremost, it is crucial that we reach our revenue and cost targets in all areas:With regard to our revenues we have to regain our hunger for business, achieve improvements in all business divisions and set the bar higher. Our start to the year was solid but 'solid' cannot be our ambition. All of us can contribute to growth, both in business divisions and infrastructure functions. Our adjusted costs must not exceed 23 billion euros in 2018. This is non-negotiable. We have largely put in place the programmes to get there, now we will implement them with discipline. Setbacks like in the fourth quarter of 2017 are not to be repeated under any circumstances. Each division and each of us has to internalise this.In terms of learning from past mistakes - which is important - we have made good progress. But we have to regain our speed again. To this end we will revise our internal processes to eliminate bureaucracy and duplication. It does not need saying that we want to and have to become profitable again. And for that we need to be successful, that's our lifeline. In sharp contradiction though is how we missed some of our targets for costs and revenues. There may have been good reasons in some cases. But it was damaging for our bank. The new leadership team will not accept this anymore. We'll have to take tough decisions and execute them."