FRANKFURT, Germany (AP) - Deutsche Bank CEO John Cryan says the bank is making "good progress" on a wide-ranging restructuring despite losing 6.8 billion euros ($7.5 billion) last year.
FRANKFURT, Germany (AP) — Deutsche Bank CEO John Cryan says the bank is making "good progress" on a wide-ranging restructuring despite losing 6.8 billion euros ($7.5 billion) last year.
The bank was hit by 5.2 billion euros in expenses to settle regulatory litigation, and by 5.8 billion euros in write-offs on the value of assets and businesses.
Cryan said Thursday the bank would face further legal expenses in 2016 as it pushes to settle remaining litigation "as soon as possible."
But he said that such expenses were "expected to be below 2015 levels." He said he couldn't put a figure on that because the costs are out of the bank's control.
Cryan is leading a push to simplify the bank by leaving or selling risky or less profitable lines of businesses. It plans to shed 35,000 jobs by 2020. The bank will drop in-house and contractor jobs, and eventually spin off its Postbank retail bank.
Top technology manager Kimberly Hammonds laid out plans for drastically simplifying the bank's sprawling networks.
Cryan acknowledged that the company's share price had suffered, hurting morale. He said that too many earlier actions at the bank had been aimed at short-term results, and added "we should not seek to manage the share price, we should seek to manage the bank."
"It doesn't happen overnight, but we will succeed," Cryan said.
The bank has faced legal issues over rigging of financial benchmarks, and last year paid $258 million for violating U.S. financial sanctions against Iran and other countries.