German Bank – 39 percent distrust – Süddeutsche.de

• At the shareholders’ meeting of Deutsche Bank, the two Co-Chairs Anshu Jain and Jürgen Fitschen were ratified only with each 61 percent.
• The vote of the shareholders is of no consequence, but as a clear sign the dissatisfaction with the leading duo.
• The frantic rebuilding of the Board and the decision to realign the Bank be seen by many shareholders as belated and weak measures to bring the Bank on its successful course.

By Harald Freiberger and Meike Schreiber

One such a motion, there have been rare for the Management Board of Deutsche Bank: Only 61 percent of shareholders approved each of the two co-chiefs Anshu Jain and Jürgen Fitschen on Thursday at the meeting. 39 percent of the votes were against. Are usual at general meetings in Germany approval rates of 95 percent and more.

German bank ” We know that you are disappointed, “

With a hectic Executive conversion shortly before the Annual General Meeting the German bank responded to the massive criticism of shareholders. Of the shareholders, there is little applause.

Even a rejection of ten percent is usually considered slap. But in recent weeks has been with Deutsche Bank no longer normal. It is not only a slap in the face, but a slap in the face – the culmination of a development that has been rocking in recent weeks. Direct legal action does not have the strong rejection. The Supervisory Board is responsible for the dismissal of the Executive Board. However, unit Paul Achleitner, the chief of the supervisory body, so strong under pressure. As long as he can Fitschen and Jain still hold

Hectic conversion on the board in vain

It is also questionable whether the clearance has succeeded to the supervisory board the night before was still trying: He had struggled through to a hectic board conversion to protect the leaders. So right Christian Sewing Board will take over the private customer business of Rainer Neske, who is leaving the bank because he did not support the new strategy – particularly the sale of Postbank. Strategy and Chief Financial Officer Stefan Krause gets the responsibility for payment transactions and the intercompany bad bank. His board position for strategy also assumes Jain. Especially his role underlined the Supervisory out so. This also means that he will be judged on the implementation of the strategy

German bank Who will be responsible for all retail customers

The unglamorous mass banking at Deutsche Bank accepts surprisingly right CEO Christian Sewing. Not even in a new position, is said to him that he might someday follow Jain or Fitschen.

It is his last chance. Achleitner scatters at the beginning of the shareholders’ meeting ashes on his head: “No question, the public image of Deutsche Bank is today badly affected,” he says. With image films alone, as they were running across the canvas of the Festhalle, the situation of the bank can no longer disguise: share price and reputaton are on the ground. The approximately 9,000 shareholders in the stands to remember: The superintendent has understood. No one can be satisfied, good things have been provided by a number of legal cases in the shadows. It is for the Bank, “work up the inglorious past consistently”

anger inside rather than outside the door

Annual General Meetings of Deutsche Bank were always high offices of capitalism -. And the critique of capitalism. Blockupy activists disrupted in recent years, the question of co-chief Anshu Jain, environmentalists denounced agricultural speculation and dumped manure before the door. It was too loud and colorful, but at its core it was harmless. At the end there was always a clear majority for Management Board and Supervisory Board.

Attempted process fraud German Bank process is on the verge

” The fuse is off “: Because the investigators always supply new records, Judge Noll could cancel the procedure. But not all the defendants have an interest therein.

This time it’s the reverse: The front door is very little going on, someone spread some peanuts (“Peanuts”), even indoors outweigh the calm, factual tone. But these are the more dangerous, the need to take management seriously. It’s down to business. . Recommend shareholder advisers and Aktionaersschuetzer, the Board and partly Board to refuse discharge – a first in the history of the Bank

Aktionaersschuetzer Hans-Martin Buhlmann calls Jain and Fitschen to: “I want the T in the word, relieve ‘replaced by a S and release. ” Markus Kienle of the Protection of Investors asks, “Mr. Jain, are the solution of the bank or the problem – or both?” You will therefore meet the mood of small shareholders. “Whoever relieves the Board, which is not going to help,” said before the morning a woman

Achleitner strengthens the leading duo demonstratively back. “All legitimate and unjustified criticism should not detract from it, with the commitment and also with what frustration tolerance to bring the board members,” he says. For fees themselves and their families thanks. There are thin applause.

Jain holds his speech, unlike last year in English. “Because every word counts, I choose today my native language,” he says. For shareholders, the speech is translated simultaneously, they see only how to move lips Jains. “Ladies and gentlemen, we know that you are disappointed. Jürgen and me and the fellow board members feel the same way,” Jain tried a little charm offensive, but reap only a few laughs in the audience.

German Bank Jain, the true head of the dual leadership

Formal has the German bank nor a double top, but in fact Anshu Jain is now the number one. Within two years it will probably lead the Bank alone – although one does not diminish him, that he has more than the shareholders’ interests in mind. Comment

He admits to have missed important targets. “We have a lot of business options left open,” he says. This was not sustainable because the regulatory requirements made many shops expensive. When he took three years ago, he wanted other big banks especially slimming business in investment banking. While institutions such as the Swiss UBS adopted from many areas, the German bank went on cheerfully. The squeezed profits and share price. It is an admission of failure

The Private Customers board Neske adopted Jain with warm words. “Rainer, may I thank you for your valuable contributions and many years of partnership we wish you all the very best for the future. . ” Neske stands up briefly, shareholders donate him applause. With him the biggest counterweight goes to investment bankers on the board.

lost confidence

The major shareholders are not happy with the personnel decisions. “Why have you acted so late?” Asks manager Ingo Speich from Union Investment. The bank has since the financial crisis already “eight lost years” behind him, and now “five unprofitable transition years with restructuring costs in the billions promised” would again. The fund company, which holds 0.9 percent of shares, the Board denied the relief.

Also, the shareholder advisor Hermes are not enough changes. The governing body should be “more than yesterday’s chairs back out” rebuilt, says Hermes manager Hans-Christoph Hirt. It does not relieve the board also: “We have lost confidence.”

Klaus Nieding criticized by the German association for ownership of securities, the new strategy is far from being the big hit, but “a bit of everything, But above all, no vision “. You trust the announcements of the management no longer on the road.