New Deutsche Bank chief delays its makeover

Deutsche Bank’s new chief executive, John Cryan, has delayed implementing a strategic overhaul by three months but has told staff to expect tough reforms as he shakes up a group that he said had become too diversified and complex.

On his first day as CEO of Germany’s largest bank, the 54-year-old Briton warned employees not to expect only “sweetness and light in the coming months”, and that they must repair a reputation damaged by misconduct.

“I can tell you that we will decisively identify problems, apply fixes, and hold accountable those who misbehave,” Mr Cryan said in a letter to the bank’s more than 98,000 workers which was published on its website.

Mr Cryan said he would stick with a strategy set in train by former co-CEO Anshu Jain but delay publication of details of the revamp by three months until the end of October.

Investors want to see the former investment banker, who has a reputation for swift action and straight talk, tackle a long list of problems that has pushed Deutsche Bank into a management crisis and depressed its share price.

The bank was shaken after its two co-chief executives quit following a string of regulatory run-ins, failed promises and a shareholder vote of no confidence.