Mr Nieding, Deutsche Bank has announced the global equity business. In addition, be degraded in the course of a cost-cutting programme to 18,000 Points. What mistakes the company has made in the past few years?
The cardinal error was that they did not recognize in time that you can earn with investment banking, no more money. Until 2007, the business went very well, at times, Deutsche Bank was the largest investment Bank in the world. But you responded to late on the re-regulation of the financial sector in the Wake of the financial crisis. You must blame the previous Board members – led by Dr. Ackermann. He has not ripped the rudder in time.
The German Bank to build the Board of Directors, includes all areas of the business and adopted from their global claims. Are these the right steps?
The question is: Had you any other choice? It makes no sense, more on investment banking recorded. A look at the last quarter numbers shows that only money is burned and none is earned.
is a lawyer, specialist lawyer for Bank and capital market law, as well as Vice-President of the German protection Association for securities ownership. He accompanied the Deutsche Bank annual General meetings since 1994.
Rather, you have to ask yourself: if the step might be too late? But you can’t blame the current German-Bank-chief Christian Sewing, he’s only been a year in the responsibility. He has analyzed the Bank for a year and now a radical cut made. There were boards in front of him, not have had the courage to do that.
you describe the decision as courageous. Why?
The current Board had to have balls to this radical restructuring to address. This is not easy, and finally you have to assert yourself in the face of resistance in the house: The investment bankers have finally, on the basis of your stock option program is also associated with a voting share in the house of the German Bank.
frequently, there is the accusation that the German banks have slept through the digitization. How are you?
it depends on what kind of business you prioritized as a Bank. It focuses on the private customer business, can you say the Trend to automatism has been slept through. But this is not the case of the Deutsche Bank case. The sees itself not as a pure retail Bank, but as a universal Bank, with focus on financial consulting and accompaniment of companies. This is exactly the right approach to the Lord’s Sewing reflect back. To this end, the Deutsche Bank, founded 150 years ago.
In the Wake of the reorganization will be initiated in September, Bernd Leukert as a member of the Board for the digitisation of the German Bank. He was previously for four years in the SAP Executive Board responsible for products.
The appeal of a former SAP Manager, to the Board shows that it is ready to go new ways. But of course, you should have the topic of digitization earlier tackle. From my point of view, that would have been the task of Jürgen Fitschen and Anshu Jain. If you’ve promoted a culture change, we would need to implement it also as radical as it is now, when Sewing the case. He remains true to itself: To said he took office last year, he, in this Bank is much discussed, and little has been delivered. Now he shows that he can act.
So he overbid the Deutsche Bank – an Insider packt aus
18.000 Points want to emphasize the Deutsche Bank worldwide. An Ex-Banker and an Insider of the Bank, has reported that Deutsche Bank held a long time in the investment banking, fixed and even put stones in the way.
By Andreas Hoffmann
D ie Deutsche Bank has decided of the largest job cuts in its 149 year history. Sewings Plan to eliminate 18,000 and each fifth place in the group.
No question, that’s a bitter pill for the employees. But this is – I use a Merkel’s word – the only alternative. It is also clear that you are not breaking down in London and the USA. The German Bank has no choice than to focus on profitable business areas and to press the cost. No longer can allow themselves the luxury to all areas of investment banking cover, although you earn no money. The Press of the costs is necessary for survival.
How do you estimate the chances of success?
There are voices who appreciate the opportunities to 50:50. I see you in 70:30, that this step is done. You also have to have time, courage and luck as an entrepreneur. And we all can have no interest in this, Deutsche Bank is broken. We need a strong national Institute, otherwise, we are completely dependent on American and British banks. And what that means in the current geopolitical Situation, you need to tell anyone.
see the Deutsche Bank so a good way?
I’m not saying that this is a good way. But the approaches have the potential to bring the house back to the front. Whether the way is good, one can judge for another two, three years. But again: This step was the only one you can make at the Moment. There will be no second Chance in this direction. If that doesn’t ignite now, it looks bad for the German Bank.
Interview: Christoph Fröhlich