Deutsche Bank has abandoned plans to set up a new digital bank in the US fearing that the move may affect its core strategy.
The project would "divert resources from our core strategy of further focusing and innovating the bank’s offerings to clients and re-building its infrastructure," Deutsche Bank CEO John Cryan said in an internal memo.
In October 2015, the German banking giant made former operations chief Henry Ritchotte responsible for development of the new digital bank in the US.
The memo said Ritchotte and his team had developed an ‘excellent blueprint’ for the project.
"We are determined to implement several ideas generated by Henry and his team in our business divisions. In the coming weeks, Henry and I will discuss plans to redeploy his team into our existing businesses. We are grateful to Henry and his team for their excellent work," Cryan memo said.