Make no mistake, the writing has been on the wall for months.
Deutsche Bank is going through a painful restructuring that began with the ouster of co-CEOs Anshu Jain and Jürgen Fitschen and culminated in new CEO John Cryan’s move to eliminate a quarter of the workforce, or some 23,000 people.
The bank then proceeded to announce a shakeup in the corporate structure before moving to cut the I-bank bonus pool by some $566 million.
Well don’t look now, Europe’s biggest bank eliminated the dividend.
Here’s the press release:
The Management Board of Deutsche Bank today approved the implementation of the Bank’s strategic plan, known as “Strategy 2020”. The plan includes the following financial targets:
Furthermore, the plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016. The Management Board expects to recommend the payment of common share dividends commencing from fiscal year 2017 at a competitive payout ratio.