Deutsche Bank has warned of two tough years of dividend cuts, pay restraint and thousands of job cuts as new chief John Cryan admitted to grave problems in implementing strategic and cultural change at Germany's biggest lender.
Cryan, who took charge in July, is under pressure to overhaul Deutsche, which is struggling to end costly litigation from past scandals and adapt to tighter banking rules.
I do not think that 2016 and 2017 will be strong years," Cryan told a news conference on Thursday.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Source: Reuters
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