According to John Cryan, Deutsche Bank needs three things at the moment: Time, determination and patience. With these words, the co-chief of Germany’s largest bank asked the sorely afflicted employees and shareholders for yet another leap of faith on Thursday.
Hardly anyone doubts that Mr. Cryan is deeply determined. And it is virtually undisputed among investors, employees and rivals that he is taking the right steps and pressing forward rapidly with his uncompromising restructuring of the bank, accelerated processing of legal disputes and investments in an aging and too complex IT system.
What Mr. Cryan, a Briton, and his brand-new management team may be lacking is time. Investors and employees are apparently unwilling to give management much more of it.