Toiling Bank Turns to Consultants
In an effort to to revive its mis-firing business Deutsche Bank appointed management consultants McKinsey.
Earlier this year the German lender divided itself into an investment bank a retail unit and an asset manger. Now, it is understood, McKinsey has recommended that a bigger percentage of Deutsche’s resources should be pumped into its U.S. business and upgrading its IT system.
U.K. publication, The Times (paywall) reports that embattled chief executive John Cryan, solicited McKinsey’s help in June and has been given a report in the past week that outlines how it can boost its three business segments, according to the report.
Asian Investment
It appears that Asia, the engine for so many banks and financial services firms, is not a priority, despite the substantial investment from acquisitive Chinese conglomerate HNA.
Cryan has no quick fix: his turnaround program is just six months old. Deutsche also unveiled a disappointing performance in the investment bank in the third quarter. However, the CEO declared that the bank had been successfully restructured.
