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Deutsche Bank Blaming Latest Legal Trouble On John Cryan Because Old Habits Die Hard

Meet the new boss, blaming the old boss!

Since taking over at Deutsche Bank last year, CEO Christian Sewing and CFO James von Moltke have made it clear that they are change agents, ready to make the tough decisions required to clean up the world's messiest bank.


Sewing and von Moltke are taking Deutsche into the future, and burning the past. There is nothing but failure in the ashes from which this dynamic duo will build their new bank. It's full speed ahead at DB these days because that is what's required to save a global financial services firm on the brink. So, you can imagine that we were intrigued to see how these new bold captains of Deutsche would respond to the news that German authorities raided Deutsche HQ last week...

Police raids on Deutsche Bank's offices in Frankfurt last week were not the fault of the current management team, according to the firm's chief financial officer (CFO).

That is bold. We haven't heard someone blame John Cryan for something in months...

The wrongdoing is alleged to have continued through to 2018 but the bank's financial chief, James von Moltke, told CNBC's Annette Weisbach Thursday that current executives shouldn't shoulder the blame.
"To date, we are not aware of any wrongdoing on our part, so we will await the conclusion of the prosecutors," Von Moltke said.

It seems like, despite all their Teutonic cost-cutting, the new boys at Deutsche have adopted the old Deutsche habit of seeing a regulatory crisis and reflexively pointing an accusatory finger at the sad face of John Cryan. To be frank, we're very disappointed. It's hard to fathom a lamer rationale for investors to try and ignore another potential mega-fine headed towards still-naughty Deutsche Bank...

Von Moltke said there had been a "very muted" response by clients to the raid and that liquidity remained strong. The CFO added that the bank was working hard to explain the situation.
"Raids that take place with reasonable frequency in Germany, aren't that well understood outside Germany," he said, before adding "our focus is on working with the prosecutors."

We spoke too soon.

Police raids were not the fault of Deutsche Bank management, CFO says [CNBC]



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