Deutsche Bank CEO says to pull back from areas 'where we are not profitable'
Deutsche Bank CEO Christian Sewing told employees: "Naturally you will have questions about what our strategy will be going forward. Like other banks, all our businesses face dramatic changes in our industry - here we are not alone. In response to this, we have restructured our three business divisions significantly in recent years: a few weeks ago, we successfully listed our asset manager DWS on the Frankfurt Stock Exchange despite unfavourable market conditions. The integration of our Private & Commercial Bank in Germany with Postbank is making good progress, and we expect to merge the two legal entities in the second quarter of 2018 - seven months after the plan to integrate them was announced. In our Corporate & Investment Bank we are also doing well in important business areas globally. We have been able to recover market share in key areas. But we also know that we'll have to further adapt our revenue, cost and capital structure. Therefore we'll thoroughly analyse how we want to position this pillar of our bank in a difficult market environment. The priority is to leverage our strengths and to allocate our investments accordingly. And at the same time we will look to free up capacity for growth by pulling back from those areas where we are not sufficiently profitable. Finally, there is one thing that's particularly important for me: we should focus less on ourselves and more on our clients. They are our reason to be. And our approach should be to offer them convincing solutions and not just products. If we add value for our clients, we deserve our share of it - but only then. It is also clear that there is no such thing as a free lunch. We will have to fight to succeed and my team and I are ready to do so. Because it's worth it! It's time to finally deliver to our full potential."