DEUTSCHE BANK AND CREDIT SUISSE: HERE COME THE HARD YARDS / THE WALL STREET JOURNAL
Deutsche Bank and Credit Suisse: Here Come the Hard Yards
Two European investment banks face big restructuring challenges at worst possible time
By Paul J. Davies
Photo: stefano rellandini/Reuters
Investment banking will have a tough year, especially in Europe. But for some the downturn couldn’t have come at a worse time.
Deutsche Bank and Credit Suisse, for different reasons, stand out as having the hardest jobs to do during a year that could be worse even than 2008 for global investment banking based on first-quarter revenues, according to Thomson Reuters.
Deutsche Bank has warned investors about 2016 repeatedly since it grabbed the nettle on cutting back and restructuring its investment bank and markets business last year. At Credit Suisse, its more ambitious plans have already been undone by shock losses, leading to last month’s surprise strategy overhaul.
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