As we put it a few days ago while mocking Saudi Arabia’s attitude toward “collateral damage” from its bombing runs in Yemen, “you can’t make an omelette without breaking a few eggs.” Well, over at Deutsche Bank, John Cryan has been busy crushing whole cartons worth.
From sweeping job cuts, to reorganizations, to eliminating the dividend, Cryan has been a veritable wrecking ball since taking the helm from co-CEOs Anshu Jain (who is gone) and Jürgen Fitschen (who is leaving).
Just yesterday, Europe’s largest bank announced that the dividend would be scrapped as part of “Strategy 2020.” Here are some other key points from Cryan’s “plan”:
Well, the hits just kept coming on Thursday as Deutsche Bank made good on a promise to write down billions in assets in its investment bank and retail- and private-banking operations. The Q3 loss: €6 billion.
That’s a record, and Cryan understandably described it as “highly disappointing.” The pain was largely attributable to “impairments of goodwill and other intangibles,” or, put differently, “marking things to reality.’” As a reminder, here’s what DB said earlier this month:
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