U.S. Markets closed

Deutsche Bank Cuts Fail to Inspire as CEO Races to Fix Firm

Geoffrey Smith, Steven Arons
Deutsche Bank Cuts Fail to Inspire as CEO Races to Fix Firm

Deutsche Bank AG’s new chief executive officer is wasting no time overhauling Germany’s biggest lender more aggressively than his predecessors. Christian Sewing has committed to cutting almost 10 percent of jobs, retrenching in costly trading businesses and effectively giving up on competing head-to-head with Wall Street firms. The plans so far have failed to convince: Deutsche Bank shares fell to a new 17-month low on Thursday and they’re down about 7 percent since Sewing took over from John Cryan in early April.