Asian business "key to broader global success"
The new head of Deutsche Bank sees in the Asian business a profit driver and praises this accordingly. Due to the announced downsizing of the Asian business, many employees of the German financial institution expect uncertain times .
Strong market in Asia to ensure future success
According to Christian Sewing , the new Chief Executive Officer of Deutsche Bank, the financial institution can only play a relevant role for investors , even if a strong position is secured in Asia . This was announced by the CEO at an investor forum in Singapore . This investor forum is highly relevant to the entire bank, as this is the first appearance in the important Asian market for Sewing since becoming Chairman of the Board. According to Sewing, business in Asia is the key to the bank's global success .
Since taking office, Sewing tries to increase morale in the bank. In particular, the crises of recent years have ensured that the morale of employees has reached a low point. In addition, in the future, a comprehensive job cuts will take place in order to notify a restructuring of the bank. As part of his speech, Sewing also spoke of a reduction of local business in Asia, which should be streamlined together with the area of corporate finance . Concrete information on the design of the job cuts , however, there is not yet. However, Asia represents an important market for the traditional German house, because already 150 years ago , the bank expanded to China and Japan and thus offered the first services outside of Germany .
Asia plays a fundamental role in global business
Even then, the bank knew that the Asian region would play a fundamental role in the global business. A total of 88 of the top 100 global customers also do business in Asia. These statements were confirmed by a company spokeswoman, who is responsible in particular for the Hong Kong market. Nonetheless, the Asian employees in particular expect negative effects on their jobs to be felt. In addition, the fear among US employees is growing. At the beginning of this month, Sewing flew to the USA to strengthen the morale of its employees. In particular, the rumors about a possible business task in the US burden the morale of employees.
In order to bring Deutsche Bank back to business, Sewing restructures the US Rates and Sales division , thereby accepting noticeable cuts in the global equities business. Internal circles show that around 20 percent of the American workforce is affected by the cuts. Officially, the company denies such rumors, but announced that the headquarters will be abandoned on Wall Street . Instead, a smaller office is being moved into Midtown Manhattan. In addition, an office in Houston is to be closed as part of the rationalization measures.
Focus on wealth management and transaction banking
In order to return to a growth path in the future, Deutsche Bank is now focusing on wealth management and transaction banking . Last month, Dirk Lubig was appointed as new Head of Transaction Banking and Corporate Cash Management for the Chinese market. His main task is the sustainable development of relationships with German, European and US companies operating in the Chinese market. Large Chinese companies that focus on exports to important economic regions are also the focus of the German financial institution.