According to Deutsche Bank co-Chief Executive Officer Anshu Jain, consolidation in the banking industry is 'inevitable'. This is in response to the many changes in rules that affect the economics of the financial services industry as a whole.
Jain was speaking before a banking conference. He said, "There is a clear consolidation of the industry and there is a simplification of the business model." He added that bank would survive going forward are either regional lenders or banks with focused business models for the global presence.
He added, "There is a tremendous opportunity to take market share organically but, frankly, inorganically as well."
When asked about the role that his bank would play in consolidation, he said, "I think I was very clear that there is a lot of work that lies ahead for the banking industry and Deutsche Bank in particular."
As for an update on Deutsche Bank's ability to meet global rules on risk and capital, he said, "We are not at the finishing line."
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