FRANKFURT: Christian Sewing must quickly come up with a coherent strategy for Deutsche Bank after the retail banking veteran was promoted to chief executive of Germany's largest lender.Sewing, 47, was appointed late on Sunday after a crisis meeting to discuss how to end three years of losses. "What matters, and in our view Deutsche Bank has been missing for several years now, is a clearly defined strategy," JP Morgan analyst Kian Abouhossein said on Monday. "Deutsche Bank's problem is not the CEO, as speculated by the press, but different stakeholders with different interests, with little evidence of commitment to changing the organisation in the interests of the owners: shareholders and creditors. "The bank's largest investors are Qatar's royal family, Chinese conglomerate HNA, U.S. asset manager BlackRock and private equity fund Cerberus. "The priority is to leverage our strengths and to allocate our investments accordingly.

Source: The Star April 09, 2018 08:48 UTC