Deutsche Bank boss warns managers against "bullshit" – business

• The head of the German bank Christian Sewing has warned his employees to use the merger rumors as an excuse for the wrong numbers.
• Time and time again, there is speculation about Deutsche Bank's merger with Commerzbank. This is skeptically seen on the financial markets.
• During phone conversations with officials, when Sewing was approached by rumors, he responded with clear words: "bullshit, bullshit".

Last week, Deutsche Bank again recorded a deplorable record: only 8 euros and 42 cents cost the shares of the largest financial institution in Germany – as little as ever. The reason was, among other things, the bad numbers of the quarter. Although the papers have recovered a little. But the atmosphere in the twin towers of Frankfurt could be better these days. Carefully formulated.

Even the new boss, Christian Sewing, still can not get Deutsche Bank out of its structural crisis. Under him, the value of society has further diminished. When Sewing replaced ten-month-old John Cryan, who was rather unfortunate, at the head of the bank, the title still cost 11.35 euros. At the beginning of Cryan three years ago, it was 28 euros, before the financial crisis, it was even over 100 euros.

Sewing was apparently forced to hit the wall once. This reveals a Sewings phone call with senior executives about which the Financial Times reported. At last week's teleconference, Sewing reportedly complained that employees would have justified the bank's disappointing numbers with an apology. With excuses, he was specifically talking about speculation about a possible merger with Commerzbank, which is rather skeptical about the financial markets.

An official of Deutsche Bank's Postbank subsidiary had apparently indicated during the phone call that rumors of a merger were in progress, that the staff was quite disturbed and that customers were asking for more and more. A colleague from New York should also have inquired about the future of the merger. "Bullshit, Bullshit" would have called Sewing and would have also applauded for that. Merger talks are not currently on the agenda and you will not be able to get started, especially as long as the price of Deutsche Bank shares is so low. This is not the first time Sewing has made a clear call to its employees. Immediately after taking office, he asked him to regain his "hunter mentality".

Employees are less and less secure

Although the merger rumors belong to the eternal ghosts of the German banking market, especially when it comes to Commerzbank and Deutsche Bank. This summer, however, it seemed that there was something to be said about the idea of ​​quickly unifying the two largest private German banks. Finance Minister Olaf Scholz (SPD) has said ambiguously that he wants a strong German bank. Sewing, too, had nothing better to do than announce, at a conference, a greater number of mergers between European banks, without, however, expressing concrete way on a merger in Germany. In the background, prominent bankers from other banks had also openly speculated on a quick merger, which would be a bailout for the two troubled financial institutions. This fueled the rumors, but not the stock prices.

Many employees of both banks are particularly insecure. "A large part of the workforce is currently speculating on which jobs to occupy soon and where." They wanted to know "exactly what the innumerable speculations and rumors about the merger, the holding structure and the dismissal plans of Commerzbank may be," they wrote. There is "growing insecurity and frustration" among colleagues, the letter said. After all, they know what's going on. Everything seems like "bullshit".