Thursday, January 28, 2016

John Cryan: The last hope for the German Bank – SPIEGEL ONLINE

Little Time? At the end of the text there’s a summary.

John Cryan is visibly bother to look optimistic. His prepared speech, which holds the Briton in German, teeming with rallying calls, words such as “confident”, “confident” and “successful”. But passes as the CEO to free speech (and English) at the latest, it becomes clear how serious the situation of Deutsche Bank actually is. “I feel responsible for a loss of nearly seven billion euros,” says Cryan on Thursday at the annual press conference, “personal responsibility.”

2015, the year in which Cryan has taken the lead of the Bank from its predecessor Anshu Jain, was a bad year for the German bank. The worst in the 145-year history. A reduction of 6.8 billion euros.

But 5.2 billion euros had to spend the Group to pay money for litigation or to cover. “A millstone around the neck of the bank” was the rants Cryan. And his message is clear: This millstone is likely to be very slow more easily in the current year

investors turn away from the bench from

“When will. the bank earning money again? “Cryan takes up the question of a journalist. So just let it be said that. “We have a good chance this year.” But a dividend for shareholders admit it probably next spring is not.

Such prospects are not necessarily what investors want to hear. They want to see quick results – and therefore call in droves from Germany’s former flagship company from.

Also on Thursday breaking the course of German bank shares temporarily by nearly five percent. Since last April, two months before Cryans office, he has approximately halved. Just € 23 billion is the former World Group on the stock market is now worth more. The US bank JP Morgan, with which the German bank once liked to compare, evaluate the investors around eight times as high.

Cryan hurts performance. But he wants to not be discouraged by it. “We should not try to manage the share price, we should try to manage the bank,” the boss says quietly. In the past, the Group had far too often decisions are made in order to achieve short-term success. Now it is about the long-term success.

“He is there to clean up”

But also concerning this, many investors missing apparently trust in Cryans course. That the 55-year-old is the right type for the renovation, no one denies. All who know him, praise the expertise of the former UBS-man and appreciate his integrity. A technocrat without airs, who is traveling with the airliner to London and with a sandwich in hand dutifully waits until he can enter. “Until recently, such a thing would have been unthinkable for a German Bank CEO,” says a senior financial manager.

In the industry it is not just a pleasure to sit at social gatherings next Cryan. While other by the new sports car or holiday on the Côte d’Azur are raving discussed Cryan also at supper most like on risk management and capital adequacy ratios.

This earthiness is doing the Group lifted in the past often acting certainly good. But not only short-term oriented investors are increasingly asking loud whether the sufficient to cause the largest German money house back to its former importance.

Cryan continues on Investment Banking

The skepticism primarily affects the strategic course of the Bank, which has hardly changed since the financial crisis and in the future apparently intended to change only gradually. Like its predecessors, sets Cryan mainly on investment banking – a division that is sorely discredited since the financial crisis and the Bank has also brewed the bulk of the losses in the past few years.

is another reason why we speak now prefer the “international capital market business.” On content but has changed little – also because Cryan has simply taken over the concept of its predecessor Anshu Jain and the Supervisory Board Chairman Paul Achleitner, instead of brand new start.

Cryan was probably only a transition chief, it is also why in the industry. He lacked a vision for where the bank wanted to go. “He is there to clean up,” says a senior manager of another bank sober.

When speaking Cryan on such considerations that he can ride his British restraint. Given a billion loss and announced reduction of 9,000 jobs it was “very difficult to stand up, to smile and to establish a grand vision for the bank,” he says, visibly annoyed.

“Sometimes,” he quips, “I come home at night and say to my wife: I wish that some people think I had at least a bit of talent, to run a business and not only, . clean it up “

summary : After a record loss of German Bank CEO John Cryan tries to spread optimism. A new strategy has the Briton terrible: Germany’s biggest money home continues mainly on investment banking. Industry insiders believe that Cryan is a transition chief, who will be replaced when the clean-up work has been completed at the Bank Kirch against the German bank -. The Chronicle


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