原文：The day Deutsche Bank’s boss decided on a radical solution
By Olaf Storbeck, Stephen Morris,Laura Noonan in Frankfurt, in London, in New York
When a dozen police vans pulled up in front of Deutsche Bank’s twin towers on a grey and chilly Frankfurt morning last November, Christian Sewing knew he was running out of time.
As camera crews broadcast the spectacular raid by more than 100 officers, the chief executive kept up appearances, lunching with the Federal Reserve’s top banking supervisor, Randal Quarles, in an exclusive corporate dining area at Deutsche’s headquarters.
Elsewhere in the bank’s premises, armed police, prosecutors and tax inspectors scoured filing cabinets and computers — including those in the CEO’s office — looking for evidence of alleged money laundering.
The traumatic day symbolised the end of an era for Deutsche, once the world’s biggest bank by assets. By then, Mr Sewing already knew he was heading towards another dire set of quarterly earnings.
Added to the raid, this emboldened him to call time on a two-decade attempt to conquer Wall Street.
Shares in Germany’s largest lender were trading near 149-year lows, down almost 90 per cent from their 2007 peak. Funding costs were soaring, its credit rating had deteriorated to near-junk levels and revenues were in freefall.
A senior manager remembers December and January as “months of horror”. The bank’s strategy, described as “wait and hope” by one strategic adviser, relied heavily on the ever-more-remote prospects of interest rate rises and a return of market volatility.
Mr Sewing swiftly realised that something much more radical was needed — and sooner than he had initially planned.
“The raids and the downward spiral Deutsche found itself in afterwards were the real catalyst,” said one member of the supervisory board. Another director said: “It wasn’t just a minor heart attack.”
The Financial Times has spoken to more than two dozen people involved, to chart the origins of the most dramatic investment banking retreat since the fall of Lehman Brothers. It will cut 18,000 staff and shunt
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发表于 2019-7-23 16:02
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