May 25, 2018
Week in Review, May 26
The exploratory conversations are part of contingency planning being considered in response to the pressure from Edward Bramson's activist investment fund Sherborne, which recently acquired a 5.4 per cent interest in the bank, people briefed on the talks said. One of the people said a private conversation had taken place between a director at each bank about the potential benefits of a deal, but no bid approach had been made. Deutsche Bank announced plans to cut more than 7,000 jobs and warned investors of a difficult second quarter, writes Olaf Storbeck. New chief executive Christian Sewing told the bank's annual meeting that the corporate and investment bank's revenues, which fell 13 per cent in the first quarter, were still under pressure. Paul Achleitner, chairman of Deutsche, acknowledged the bank's change of leadership had not been well-managed: "It did great harm to our bank and the standing of the people concerned, not least John Cryan and myself."
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