Deutsche Bank CEO aims for universal bank with German roots
By Jonathan Gould
FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) is firmly focused on being a top international corporate and capital markets player with strong roots in Germany, its Chief Executive John Cryan said on Wednesday.
"We are a universal bank," said Cryan, who has been criticized for not making his strategy clear since taking over the running of Germany's largest bank last year.
The British executive said Deutsche Bank has a strategy, it just needed to execute it more efficiently and tap into its long tradition of serving its clients, particularly German firms.
"Our core business will be international banking, international capital markets, rooted in Germany," Cryan said.
"It feels on the inside that our absolute core business – the backbone of Deutsche Bank - is GTB, global transaction banking - this is not solely focused on Germany," he added.
The GTB business helps German companies import and export, manages their cash and credit lines and forms the basis of the lender's currency trading prowess, where Deutsche Bank settles about 15 percent of all transactions worldwide, Cryan said.
Deutsche Bank was also strengthening its asset management business and continued to see retail as critical.
Since taking the helm last year, Cryan has been working to refocus the bank and settle a slew of legal and regulatory troubles that have cost it billions of euros in recent years. Continued...