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Deutsche Bank may be "beyond repair" - Autonomous Research

  • The bank's fixed-income and currency trading franchise - which generates about 25% of Deutsche's (NYSE:DB) earnings - can no longer be counted on the drive profits, says Autonomous' Stuart Graham.
  • The trading business is tough all over for the last few years, but Deutsche has underinvested in technology for a decade, making it a "clear laggard" to competitors.
  • "When we consider the basics of what makes a bank a winner -- trust (or brand), balance-sheet muscle, technology and its people -- Deutsche looks to be in very bad shape,” says Graham. "It is inevitable that some investors start to question whether the bank has the right leadership.”
  • Deutsche's stock is lower by 45% since John Cryan took over in 2015, but it's still not cheap enough, says Graham.
  • Previously: Deutsche's Cryan under investor pressure - Handelsblatt (Sept. 13)

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