ding ambitions. Cryan can have few complaints about being forced out after less than three years. Despite raising capital and cutting costs, the former UBS executive failed to revive Deutsche’s fortunes. Investment-banking revenue last year was a quarter lower than in 2015. The division’s return on tang
ible equity was a paltry 1.4 percent - far behind the Wall Str
eet firms that Deutsche considers its peers. The bank’s shares on Friday were worth less than half their value when Cryan took over. His successor is the first German national
to take sole charge of the country’s largest lender since Rolf Breuer handed 幸运飞艇怎样可以长期赚钱 over the reins in 2002. Though the 47-year-old Sewing currently runs Deutsche’s private and commercial unit, he is not a typical retail banker.
In more than 25 years at the bank he has managed risk and credit, and worked in London, Tokyo and Singapore. Yet the change of leadership is hardly a morale boost. One of the complaints about Cryan was that he was too honest
ut the bank’s many problems. It’s hard to see Sewing delivering more convincing pep talks. The departure of investment-bank co-head Marcus Schenck will add to the unease. Besides, Deutsche sounded out a number of senior bank executives about taking charge, and the new CEO will struggle to shake the impre
ssion that he got the job because nobody better wanted it. Chairman Paul Achleitner deserves much of the blame.In hissix years on the supervisory board, Deutsche has now had four
CEOs. The problems Sewing inherits haven’t changed much under Cryan. Deutsche still has to d
ecide whether to further shrink its investment bank. Sewing could trim businesses such as equity trading. Or he could take an axe to its U.S. operations, which JPMorgan analysts reckon account for more than a fifth of total assets but are barely profitable. The
trouble is that Deutsche’s home market is a weak base from which to rebuild. The retail business only managed a 1.9 percent return on tangible equity la
st year, and costs swallowed u
more than 90 percent of revenue. A merger with domestic rival Commerzbank might improve retur
ns, but would also increase exposure to thelow-marginGerman market. Deutsche may have
a new man in charge, but its strategic vacuum remains.