FRANKFURT (Reuters) -Deutsche Bank will stick to its so-called Global Hausbank strategy but needs to improve capital allocation and profitability, CEO Christian Sewing said on Wednesday.
Sewing, speaking at a banking conference in Frankfurt, said the bank was focused on itself and not on mergers and acquisitions.
Deutsche Bank under Sewing is the final stretches of meeting a series of financial targets by the end of this year and it is in the process of setting targets for the years to come, a plan it will flesh out for investors on November 17.
“The fundamental strategy of being the Global Hausbank and being the European partner will not change. But we need to do a much better job of allocating capital,” Sewing said.
The bank’s current profitability goal – return on tangible equity of 10% – “is only an interim target”, Sewing said.
(Reporting by Tom SimsEditing by Ludwig Burger and Madeline Chambers)
