Deutsche Bank warns legal charges threaten its recovery
Investors expect new chief exec to lead big changes at the lender, which has been hit by scandals and fines
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DEUTSCHE Bank's new boss hit out at staff in a memo on Thursday saying performance was "nowhere good enough" after Germany's largest bank warned that its turnaround was at risk from heavy legal charges.
New chief executive John Cryan said "wasteful" cost increases had gobbled up revenue. "The status quo is not an option," he said in the staff memo after the bank reported a second-quarter net profit of 818 million euros (S$1.23 billion), slightly better than expected.
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