Deutsche’s culture costs

Tim Wallace
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DEUTSCHE Bank is happy to turn away some deals and let bankers with a short-term focus leave, even if it means lower revenues, co-chief executive Anshu Jain said yesterday.

The lender is particularly keen to reform the high-paced culture in its London office, he said.

“There is barely a piece of our business in New York and London which has not changed profoundly,” Jain said. “We have paid a price and are happy to pay that price, in terms of slightly muted revenue growth.”