Deutsche Bank AG has had issues with its business model's viability, and the market perception around its long-term viability, but has begun getting a grip on it in more recent times, Bloomberg News reported, citing the European Central Bank's supervisory head, Andrea Enria.
According to the report, Enria also said at a conference in Rome that the ECB had been "pushing" the German lender's restructuring efforts.
Enria later told Bloomberg News in an emailed statement that the watchdog has a positive opinion of the new business plan unveiled by Deutsche Bank CEO Christian Sewing, which the bank is "well along in executing." He added that the lender had made good progress in making its controls better and reducing its risk profile, pointing to the reduction in its capital requirements as a sign of the aforementioned progress.
Sewing is undertaking the largest restructuring in the past 20 years at the German bank, with the intent to cut some $6.5 billion in costs and roughly a fifth of its workforce by the end of 2022.
The plan has so far been on track, with only a few snags.