Business is not dependent on Deutsche Bank

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German bank

Germany's largest money house has prescribed a radical transformation.


(Photo: Reuters)

BerlinThe domestic economy supports the restructuring plans of Deutsche Bank. "We hope that with the restructuring of the Deutsche Bank the confidence of the customers can be regained", said the president of the federation wholesale, foreign trade, services (BGA), Holger Bingmann, the "World on Sunday", For wholesalers and foreign traders, it would be advantageous to be able to use a domestic institute whose business was better acquainted with the peculiarities of the market.

The chief executive of the Federation of German Industries (BDI), Joachim Lang, also welcomed the "stronger focus on the concerns of corporate clients". German industrial companies need powerful German banks that could support international business.

However, individual SMEs also emphasized that they no longer needed Deutsche Bank. "Deutsche Bank has lost much of its reputation in recent years," said CEO of electric motor manufacturer ebm-papst, Stefan Brandl.

The CFO of the construction chemicals company Uzin Utz, Heinz Leibundgut, referred to the strong competition. "There are enough other banks that have already positioned themselves as an entrepreneur bank and act that way," he told the "Welt am Sonntag".

Germany's largest money house has undergone a radical reorganization under the acting since April 2018 Chief Executive Christian Sewing. Among other things, the institute wants to withdraw from the stock trading business. By the end of the year 2022, around 18,000 of the last approximately 91,000 full-time jobs are to be canceled worldwide.

More: Scandals, losses, price drops – and now mass layoffs – Deutsche Bank is trying a radical new beginning. Can the bank regain confidence?

. (tagsToTranslate) Deutsche Bank (t) Reorganization (t) Reconstruction Plans (t) BDI (t) Mittelstand (t) Lobby (t) BGA (t) Uzin Utz (t) ebm-papst (t) Banks & Credit Institutions (t) international banking

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