Reuters File Photo: James von Molt, CFO of Deutsche Bank, Germany, pictured in Frankfurt, Germany, February 2, 2018. Reuter / Ralph Orlovsky
BERLIN (Reuters) – Deutsche Bank is seeing the argument that the European banking sector should be consolidated and work in hand to prepare for that outcome, Chief Financial Officer James von Molt said on Thursday.
Closely involved with the German bank’s standard line in possible mergers, von Molt told a financial conference hosted by Bofa Securities that it should first make a strategic change before making a big deal.
“We see the industry’s argument that there should be consolidation in European banking,” he said in response to a question.
“It’s something we see for our company in the future … our focus on transformation is what we need to do to prepare for that event.”
Deutsche Bank (DE 🙂 has repeatedly been linked to a possible deal with a top Swiss bank, but chief executive Christian Stitch has consistently said that the turnaround plan he launched in 2019 must bear fruit first.
The bank posted its first full-year profit last year after 2014 and received a lift from Moody’s (NYSE 🙂 rating upgrade last month.
Von told Molt that Deutsche’s four business units – asset management and its private, corporate and investment banks – were operating as planned or earlier. This puts it on track to reach its revenue target of 25 billion euros ($ 29.3 billion) or more next year. [L8N2QP1WT]
Commenting on the U.S. investigation into the use of Sustainable Investment Criteria by the asset management arm DWS, Von told Molt that it “stands on its disclosure”.
“We have to go through that investigation process,” he said, adding that he did not see a measurable impact on Deutsche’s third-quarter results.
(1 = 0.8530 euros)
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