Deutsche Bank's negotiations with the U.S. Department of Justice has created uncertainty and hit strategy planning for the bank, John Cryan, chief executive officer of Deutsche Bank said on an conference call to its investors.
"We remain keen to settle this and other open matters with U.S. authorities. We must reduce litigation overhand by settling those matters, remains top priority. We need to restructure faster and higher intensity," Cryan told analysts and investors Thursday following the bank's better-than-expected third-quarter results.
Pointing to higher uncertainty in the global environment, Cryan said the outlook has worsened and the bank needs to restructure faster.
"The macro economic outlook has worsened in Europe and the negative interest rate outlook looks unlikely to change," Cryan said.
"We are acutely aware of these changes. We need to restructure and modernize the bank faster. We are taking steps now on additional cost saving and taking measures for better planning."
Cryan also said that the bank would like to resolve all major litigation items by mid-March but are not in control of the timetable.