FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE) needs to speed up restructuring and reforms to meet targets it set out for itself for 2015, management board member Stephan Leithner said on Tuesday.
The bank’s restructuring roadmap has confronted a number of fast-changing dimensions and moving goal-posts that weren’t anticipated when the plan was first laid out, he said at a conference.
“We need to adapt our product set and competencies much faster,” said Leithner, responsible for compliance and legal issues at the bank.
“There’s not a three year horizon under which we can run on a stable basis as we had hoped at the beginning of our strategy in 2012.”
Despite expectations for costly legal settlements and additional capital demands from U.S. regulators Germany’s biggest bank has stuck to its ambitious reform targets for 2015, which it laid out in mid-2012.
Those include cost-cutting, trimming its balance sheet and achieving a return on equity of 12 percent, more than seven times higher than what it achieved in 2013.
The bank has made progress in slimming down its balance sheet but the regulatory issues, such as a global investigation into alleged currency market manipulation, could mean more money has to be set aside to cover any related costs.
Reporting by Thomas Atkins; Editing by Louise Heavens