ADVERTISEMENT

Deutsche Bank CEO Praised for Fixing ‘Pretty Screwed-Up Bank’

Deutsche Bank CEO Praised for Fixing ‘Pretty Screwed-Up Bank’

Deutsche Bank AG Chief Executive Officer Christian Sewing won praise from one of Germany’s top industry executives for fixing a lender once seen as the embodiment of corporate decline and financial wrongdoing. 

“Deutsche Bank has done a fascinating job to come back from a pretty screwed-up bank to a trustful long-term partner again,” Joe Kaeser, chairman of Siemens Energy AG, said at a virtual panel hosted by Bloomberg TV on Wednesday. “That’s been the leadership of Christian.”

Deutsche Bank CEO Praised for Fixing ‘Pretty Screwed-Up Bank’

Sewing, who also attended the panel, has led Deutsche Bank to its first annual profit since 2014, by cutting thousands of jobs and refocusing the firm on corporate lending and fixed-income trading.

Once one of the world’s biggest investment banks, the lender saw its share price decline for more than a decade before the new CEO took over in 2018, as it struggled with stricter regulation and mounting bills for misconduct.

©2021 Bloomberg L.P.