Mar
05
Deutsche Bank’s Cryan Has New Strategy: Reverse His Old Strategy
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John Cryan.
Photographer: Jason Alden/Bloomberg
Deutsche Bank AG Chief Executive Officer John Cryan tore up his own turnaround plan in an admission that the 17-month-old effort flopped.
Directors at Germany’s largest bank late Sunday approved measures — most crucially, plans to raise about $8.5 billion in a share sale — that effectively restart what has already been the most turbulent transformation in its recent history. Among the moves: naming two deputy CEOs who may now be positioned to succeed Cryan; selling a piece of the asset-management business and abandoning the sale of the consumer-banking unit, which was the linchpin of the blueprint he scrapped…
Deutsche Bank’s Cryan Has New Strategy: Reverse His Old Strategy
