John Cryan, Co-Chief Executive Officer, said, “We are focused on 2016 and continue to work hard to clear up our legacy issues”.
Advertisement
The supervisory board of Germany’s biggest bank has taken the decision not to award bonuses to the management board, the Yorkshireman John Cryan told a news conference.
Cryan said the various probes were “a millstone around the neck of the bank” after legal charges at Germany’s largest lender more than doubled to 5.2 billion euros previous year.
“We can and will transform Deutsche Bank into a stronger, more efficient and better-run institution”, he said.
Despite the heavy restructuring costs, Cryan vowed to continue on the same road. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. He said “the inevitable distraction” of cost-cutting and restructuring is hurting morale and affecting performance in some areas, which he said he expected.
Including certain one-time expenses, Deutsche Bank AGDB reported net loss of €2.1 billion ($2.3 billion) in the fourth quarter of 2015 that compared unfavorably with net income of €441 million ($550.5 million) in the prior-year quarter.
Deutsche Bank said it settled a number of regulatory investigations in the fourth quarter.
“Once we have the bank set up, its cost bases, its capital in a good place it should be fun running a company like this”.
Recently, TheStreet Ratings objectively rated this stock according to its “risk-adjusted” total return prospect over a 12-month investment horizon.
Deutsche’s retail banking activities fell to a quarterly loss, mainly on restructuring costs.
Net revenues at AWM were €1.4bn (£1.1bn, $1.5bn) for the fourth quarter ending 31 December 2015, up from €1.2bn during the same quarter a year ago.
In October, Deutsche announced a restructuring of its business, splitting its investment bank in two and parting ways with some of its top bankers.
The bank’s staff are bracing for pay cuts as bonus pots for individual divisions are being cut by at least 25 to 30 percent, people familiar with the matter said this week.
Advertisement
On taking the helm on July 1, Cryan promised simultaneously to overhaul Deutsche to meet tighter banking rules and to end costly litigation from past scandals.
