Deutsche Bank shares slid to fresh lows as its boss announced “tough cutbacks” for the investment bank following a fraught year of money laundering allegations, failed merger talks, and lawsuits by Donald Trump.
At a marathon annual shareholders’ meeting in Frankfurt that lasted more than eight hours, chief executive Christian Sewing said the bank would push ahead with a further €1bn (£880m) in cost cuts this year, following similar moves in 2018 that led to 6,000 job losses.
Sewing, who has been in the job for just over a year, said Deutsche has already slashed €130bn from the investment bank balance sheet. “So I can assure you: we’re prepared to make tough cutbacks,” he said.
But investors fired a warning shot at the board, with 25% refusing to endorse the chief executive’s performance over the past year and 29% voting against the chair,