CARY – Christian Sewing, CEO of Deutsche Bank, delivered a pep talk to the global financial institution’s staff via a blog, putting a positive spin on the latest quartertly financial report.
His upbeat remarks came as Deutsche Bank recently cut jobs at its software development operation in Cary and cut thousands of jobs overall as part of a corporate restructuring.
“It’s only 16 weeks ago that we embarked on the biggest reorganisation of our bank in two decades. And it was clear that those first few months would be a challenge for all of us. We had – and we have – no time to lose. We have to prove that we are implementing our ambitious plans. Today, we can give you a first idea of how things are going. And I’m pleased to be able to say that we’ve had a very good start,” Sewing wrote.
“This is most clear when we compare our performance with the targets we set ourselves in early July. On all metrics – balance sheet reduction, cost reductions and franchise stability – we have made as much or even more progress than we planned. And I am particularly pleased that our Core Bank has operated profitably despite even lower interest rates and the unsettling times that accompany such a radical transformation. Once again our bank has demonstrated its strength. We can all be proud of this. On behalf of the entire Management Board let me thank you for your commitment and your dedication.”
Ewing noted that work remains to be done but he says results so far are “encouraging.”
“Of course, these quarterly results are just an interim assessment, but they are encouraging. In spite of the difficult geopolitical and macroeconomic climate we have consolidated our position in a number of key businesses,” he wrote.
“Now more than ever, our clients need financial advice and support – and who better to provide it than Deutsche Bank?
“This makes me optimistic about the journey ahead – I hope you are too. Let’s continue to work hard at restructuring and building our bank, and most importantly, continue to work hard for our clients. We have just seen how worthwhile that is.”