Deutsche Bank plots more measured course
FRANKFURT As it emerges from years dogged by scandal, Germany's biggest lender Deutsche Bank aims to up profitability and reclaim a place on the global stage to rival American competitors.
But the bank warns profits will never again reach the risk-fuelled heights of the pre-financial crisis era as it grinds through a deep restructuring, adjusts to new rules and adds thousands of jobs in regulatory compliance.
Deutsche "absolutely does not want to take unconsidered risks as it did in the past" as it girds itself to reconquer what it can of the lost ground, compliance chief Sylvie Matherat said in an interview.
Its newfound strictness on financial regulation means the bank is "on track" to restore client confidence, she said. Already, this autumn is far calmer than last year's.
Back then, the United States Department of Justice slapped it with a US$14.2 billion (S$19.4 billion) fine demand over its role in the sub-prime mortgage crisis, the trigger for the 2008-09 financial crisis.
Clients rushed to withdraw their cash from Deutsche fearing it might go bust.
In the end, Deutsche survived after it negotiated a painful deal to pay US$7.2 billion in the US. - AFP