Deutsche Bank`s decision to integrate Postbank into its private and commercial clients division will lead to a "difficult" period and will "inevitably" result in further job cuts, Deutsche Bank Chief Executive Officer (CEO) John Cryan told CNBC on Monday.
He noted that a program of branch closures and headcount cuts within Deutsche Bank`s German operations still had another quarter or two to play out, after which point the bank should have a plan in place to tackle this latest integration.
Cryan added that further headcount reductions would be unavoidable but that Germany`s largest lender had not yet worked out exact numbers or developed a plan.
The company chief disagreed with the notion that the discount being applied to shares in order to raise 8 billion euros ($8.5 billion) through a rights issue was wide, telling CNBC, "I think the pricing looks about right.
"There will be a difficult integration process in Germany but it`s only in Germany that that applies," Cryan said from the company`s London headquarters, referring to the bank`s announcement Sunday to combine the units and create a "clear market leader".
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