John Cryan can’t be accused of beating about the bush. When he took the helm at Deutsche Bank in 2015, he gave a merciless rundown of the bank’s weaknesses. He’s lost none of his candour since then, recently admitting that Germany’s largest bank had been limping behind its US rivals for the last three or four years.
That assessment is likely to be confirmed correct by second-quarter figures that will be announced later this month, if analysts’ forecasts are to be believed.
The big US banks such as JP Morgan, Citigroup or Bank of America are expected to post net profits of between $3 and $6 billion, compared with an average forecast of just €407 million, or $467 million, for Deutsche Bank.
“Things weren’t buzzing in this quarter,” the deputy chief executive of the bank, Marcus Schenck, admitted on Monday in Munich. He said business had been “mixed” in the period, especially in the capital markets.