Deutsche Bank Chief Executive John Cryan urges investors to bear with him as he expects the overhaul of Germany's biggest lender to peak this year, following a record loss in 2015. Hayley Platt reports
Deutsche Bank's new boss has urged investors to bear with him as he overhauls Germany's biggest lender. The plea followed a record net loss of 6.8 billion euros for 2015. Fourth quarter losses were 2.1 billion with revenues down 30 percent. The share price fell 3 percent to a seven year low - it's fallen by 37 percent since John Cryan took the helm in July. (SOUNDBITE) (English) DEUTSCHE BANK, CHIEF EXECUTIVE OFFICER, JOHN CRYAN, SAYING: "We strongly view that it would be inappropriate and ultimately unsuccessful were we to take measures to achieve a short term improvement in the share price at the expense of sticking to our strategy." The restructuring at Deutsche Bank began in October Its investment bank was split and 9,000 job cuts were announced as the bank struggled to fund litigation charges and write-offs. (SOUNDBITE) (English) DEUTSCHE BANK, CHIEF EXECUTIVE OFFICER, JOHN CRYAN, SAYING: "There's a balance to be drawn between keeping the cost of settlement low and clearing up this portfolio of measures which at the moment is a milestone around the neck of the bank." Some investors fear Deutsche Bank isn't handling the challenges as well as some U.S. rivals The current economic climate isn't helping. Nandini Ramakrishnan is from JP Morgan Asset Management. (SOUNDBITE) (English) JP MORGAN ASSET MANAGEMENT, GLOBAL MARKET STRATEGIST, NANDINI RAMAKRISHNAN, SAYING: "Financials are cyclical sectors, they will pick up when the economy is picking up and struggle when there's a bit more of global growth concerns." The bank hopes to make big savings in 2016. And Cryan admits it's hurting employee morale. Reports of possible 25 per cent pay cuts may not help that, although board bonuses have also been scrapped.