Sewing faces skeptical Deutsche Bank investors on revamp roadshow

LONDON/FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) shareholders will quiz Chief Executive Christian Sewing on how he plans to deliver on revenue growth targets during a global roadshow to win their backing for a 7.4 billion euro ($8.4 billion) ‘reinvention’ of the lender. FILE PHOTO: CEO Christian Sewing delivers a speech during the annual shareholder meeting…

Sewing faces skeptical Deutsche Bank investors on revamp roadshow

LONDON/FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) shareholders will quiz Chief Executive Christian Sewing on how he plans to deliver on revenue growth targets during a global roadshow to win their backing for a 7.4 billion euro ($8.4 billion) ‘reinvention’ of the lender. FILE PHOTO: CEO Christian Sewing delivers a speech during the annual shareholder meeting of Germany’s largest business bank, Deutsche Bank, in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach/File PhotoShares in Germany’s biggest bank were up 1.3% at 1452 GMT on Wednesday, clawing back some of a near 10% fall, the biggest two-day drop in almost three years, since it detailed a sweeping overhaul involving 18,000 job cuts on Sunday. The revamp also includes the creation of a ‘bad bank’ to house billions of euros of costly trading positions and relieve pressure on Deutsche Bank’s stretched balance sheet. Some investors told Reuters they doubted these moves, along with scrapping Deutsche Bank’s global equities division, would be enough to turn around its flagging fortunes in the face of intense competition and low interest rates. Hendrik Leber, a fund manager with Acatis, said the effort was five years too late and that the bank had missed
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