Friday, May 22, 2015

German Bank: a deep ditch between the Executive and investors – Hamburger Abendblatt


Jörn Bender

 Sharp criticism at the AGM on CEO Jain

                 Frankfurt. Erik fog

“This is a very important day. Today we discuss, critically and constructively, where your bank is.” Those are two of the five sets, the German bank co-chief Anshu Jain directed to shareholders in German. What follows in the Annual General Meeting on Thursday, is a bizarre spectacle: Jain carries his speech in his native English before. The good 5000 shareholders and guests see the investment bankers but only gesticulate -. Is heard in the Frankfurt Festhalle only a translator who reads the German version of Jains speech

In the past two years Jain had that from the beginning was extremely controversial, especially in Germany among investors, shareholders still ensnared with lectures in German. ? But what the Indian-born top banker, who is influenced by his time in the City of London, yet the language of the shareholders in the home of the DAX Group

The times have changed: The private clients business is reduced, among other things by giving up the subsidiary Postbank, division chief Rainer Neske – once touted as a potential chief executive – is leaving the bank after 25 years. The Supervisory Board makes the issue a top priority strategy and strengthens Jains power. Many shareholders see this with concern. An “investment bank’s board” had taken power, warns shareholders’ representative Hans-Martin Buhlmann. Go with Neske “another banker and not a banker board” deplores Small Shareholder representatives Klaus Nieding of the German protection combination for security possession (DSW).

Markus Kienle of the Protection of Investors ( SDK) comes Jain directly: “The allegations made against you, you can not simply weglächeln.” Jain was for years head of the Capital Markets and therefore the division, in the most expensive legacy of the Bank originate. Kienle: “Mr. Jain, you are the problem of the bank or the solution or are you both”

“The board in its current composition no longer enjoys our confidence,” confirms Hans Christoph Hirt, manager at the influential London shareholder advisor Hermes. In the same vein suggests Ingo Speich, fund manager at Union Investment: “We ask ourselves beginning to wonder if the management of Deutsche Bank is still able to manage the company adequately.”

The new board blank can Save at least abgewinnen a good aspect: “The fact that you continue to want to take care of the strategy and its implementation, Mr. Jain, is a long overdue step.” It is also clear: In order to tip the scales in favor of Jains, 52. For his partner to the dual leadership, Jürgen Fitschen, 66, even is an area from:. Responsible for the Group’s own management division

That Fitschens influence now is shrinking, for stock brokers, however no big surprise. Dealers refer about the enormous burden on the manager by the ongoing process Kirch in Munich. Since the end of April, Fitschen has to defend itself against the charge of attempted fraud in process compensation process for the Kirch bankruptcy at the district court there. How distressing it is, Fitschen itself acknowledged in a recent interview a “Half the day is gone, and there wait plenty of other tasks.”


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