Post date: May 31, 2013 4:44:38 PM
Reuters Business Report - It's been one year since Anshu Jain and Juergen Fitschen took the helm at Deutche Bank.
Together, they've navigated the lender through choppy waters, boosted its capital base by 3-billion euros and taken a knife to costs to save four and a half billion euros by 2015.
The lenders also trimmed its saies: Its ditched its prop trading division Created a non-core division to hive off 125 billion euros worth of assets. … and merged its funds and wealth management businesses.Alongside the structural shift, CULTURAL changes are afoot too.
Bonuses have been capped and spread over a number of years.
Jain's been hobnobbing with German CEOs to win the support of corporateGermany.
Plus, the duo stress CUSTOMERS come first rather than revenue growth.
This COULD be a hard sell, seeing as Jain was the man who previously raked in the cash with his investment banking unit.
New scandals have also surfaced alongside ongoing legal problems…So Deutsche's had to boost its litigation chest to 2.4 billion euros.
Insiders say it'll take at least until 2015 to settle all these disputes… suggesting that while Jain and Fitcshen have steered Deutsche onto a better course, it could be some time before German flagship lender arrives on safe shores.