In a message to employees on Monday, Cryan addressed speculation about alleged mergers and sales plans and urged Deutsche Bank staff to “not allow yourself to become distracted”.
He wrote: “There is one rumour in particular that I would like to dispel by making it unambiguously clear that Deutsche Asset Management is, and will remain, an essential part of our business model.
“We have enough on our plate to solve on our own, and we intend to concentrate on this for now,” Cryan said.
Andreas Plaesier, an analyst at German stock market research firm Warburg Research, told Bloomberg: “It would be a clear sign of weakness if they’d sold asset management. It has a relatively good reputation and this could prove to be a good asset in a world with growing wealth.”
Merger talks
Cryan made no mention in his message of recent media speculation regarding a merger or ‘tie-up’ between Deutsche Bank and German rival Commerzbank.
In August, the Financial Times reported that preliminary merger talks had taken place between Cryan and his Commerzbank counterpart Martin Zielke, running for about two weeks.
According to people familiar with events, the discussions ended after both sides concluded that the timing was not right, as they both have significant work to undertake at their respective banks.
Both banks declined to comment.
Strategy 2020
Deutsche Bank’s Strategy 2020, launched in October 2015, has seen the bank rationalise its global footprint in order to become less risky, simpler, and more efficient.
The latest move saw the sale of the bank’s Argentinean subsidiary to Banco Comafi.
Around 3,000 jobs will be lost and offices closed in Germany. Outside its home market, Deutsche Bank has already closed about 50 branches, with plans to close more than 30 this year and next.
