(Bloomberg) -- Deutsche Bank AG Chief Executive Officer John Cryan and his counterpart at Credit Suisse Group AG, Tidjane Thiam, are both at risk of losing investor confidence as they struggle to cut costs and restructure their banks, said Davide Serra, founder of Algebris Investments LLP.

“The next dead man walking we’ll see by December,” Serra said in an interview with Erik Schatzker on Bloomberg Television on Thursday. “Both John Cryan and Tidjane Thiam, if within 12 months they haven’t delivered, I think investors will throw in the towel. A restructuring of such a proportion needs 24 months -- you can’t change the surgeon in open-heart surgery.”

Both Thiam and Cryan have announced a string of measures to shore up profitability since taking on their respective jobs in 2015. While Credit Suisse is eliminating thousands of jobs and shrinking the securities unit to focus on wealth management, Deutsche Bank has scrapped dividends and is selling assets to help counter a slide in shares that have left the banks among the worst performers in Europe this year.

Deutsche Bank has lost about 34 percent this year, while Credit Suisse is down 42 percent.

Serra said while he expects Deutsche Bank’s revenue base to shrink by 10 percent to 20 percent, with Cryan cutting “fat and excess,” Thiam’s task is “a bit more challenging” as he shrinks the investment bank.

“In Europe, who’s getting it right?” Serra said. “It’s UBS, BNP Paribas, Societe Generale, Santander, Lloyds, Intesa -- these are the ones implementing a Wells Fargo-JPMorgan approach.”

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