Handelsblatt Exclusive Deutsche Executive: Bank Guns for Profit in 2017

The head of Deutsche Bank's retail unit, Christian Sewing, believes Germany's largest financial institution turned a corner and is on its way back to profitability.

Deutsche Bank aims to return to profit in 2017 after suffering two years of losses, the head of the bank’s retail business, Christian Sewing, told Handelsblatt.

“I am confident that we will generate sustained profits again,” Mr. Sewing said in an interview. “That’s our goal in any case.”

Germany’s largest financial institution will release its 2016 results on Thursday. Analysts expect the bank to post a €910-million ($964-million) loss after suffering a record €6.8-billion loss in 2015.

Despite a difficult year, Mr. Sewing said Deutsche Bank has turned a corner after adopting a restructuring plan and reaching a $7.2-billion settlement with the U.S. Justice Department over its involvement in mortgage-backed securities.

“There’s been a turnaround in the mood,” Mr. Sewing said. “As difficult as the months of September to October were, events brought the team together in a way that I haven't seen for 20 years.”

 

Read the full interview in Tuesday's Handelsblatt Global.