The message announced that the firm would not pursue a digital bank in the United States, as doing so would divert resources from Deutsche’s core banking strategy and improvements to infrastructure.
Chief Operating Officer Henry Richotte left Deutsche Bank’s management board in October 2015 to lead the digital banking development team.
However on 6th June, John Cryan, CEO of Deutsche Bank, told staff: “Since [October], Henry and a small number of colleagues have developed an excellent blueprint for launching a digital banking service in the United States.
“Despite the quality of the blueprint, the management board has decided not to pursue building a digital banking service in the US at this time.”
Though the bank scrapped the digital service, John insisted that Deutsche planned to implement several of the ideas generated by Henry’s team.
Over the coming weeks the pair will discuss ways to redeploy the digital team into Deutsche’s existing businesses.
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