October 29, 2017 / 10:29 AM / 22 days ago

Investors will reward Deutsche Bank for cost cuts, manager tells newspaper

FRANKFURT, Oct 29 (Reuters) - Investors will reward Deutsche Bank for its cost cutting, a member of the German lender’s management board said in a newspaper interview published on Sunday.

Asked by the Frankfurter Allgemeine Sonntagszeitung whether investors would be willing to give the bank much more time to execute a turnaround, board member Christian Sewing said: “My impression is that our discipline in reducing costs will go rewarded.”

Some investors have criticised the bank’s slow return to health. Last week, the bank posted a 10 percent drop in revenue in the third quarter, reflecting a weak market and the effects of a major restructuring.

“You see that earnings in some divisions are rising again,” Sewing said. “If we continue this quarter after quarter, I‘m very optimistic.”

Frank Strauss, another board member interviewed by the paper, noted the bank’s restructuring plan was a medium-term one.

When asked about the bank’s share price hovering below 15 euros, he said: “Investors justifiably expect further details and execution by us, and they will get this.”

Reporting by Tom Sims; editing by Jason Neely

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