The German bank is far away from their own claim. Among the shareholders, stimulates displeasure. The Annual General Meeting on Thursday promises explosive. The leading duo includes a withdrawal from -. For co-chief Jain is the “mission” does not end here
PO Box and Euro Lines connect remote bus Partnership
In the competitive market of the remote bus Postbus will pick up with a cooperation for European travel more passengers on board. For the post bus operators German Post Mobility closes after a newspaper report an alliance with the remote bus network Euro Lines. “The passenger does not cease to be interested in long-distance buses, when he comes up against a limit,” said Joachim Wessels, Managing Director of German postal Mobility, the “Frankfurter Allgemeine Zeitung” (Monday edition).
Partners of Swiss Post, the company German Touring, which belongs to the Euro Lines composite since 1985. “We have combined our route networks. Postbus customers can reach 16 additional European destinations, incurred for Euro Lines customers over 200 new compounds,” said German Touring CEO Frank Zehle.
While raging tough price competition on the German Fernbusmarkt, the partners hope to fill with their cooperation is a gap. “Almost all vendors have initially fell after the liberalization of intra-German routes on Fernbusmarktes. So far none of the new competitor to the international long distance is really dared to venture, as these are much more complex,” said Zahle. The wide tours are usually offered overnight. “Many night trains no longer exists, because we come into a gap,” Wessels said.
Live from the floor of the Frankfurt Stock Exchange
The shrinkage rate is decided, but the shareholders have to the German -Bank leadership still convinced of its new strategy. Your goals for 2015, the co-chiefs Anshu Jain and Jürgen Fitschen have clearly missed. For many investors, the duo is now under closer scrutiny. Several critical questions for the Annual General Meeting this Thursday (21st) in sight.
In a large double-interview in the “Frankfurter Allgemeine Sonntagszeitung” concluded the leading duo a resignation from. “The best thing I can do is to solve the problems of the bank and to optimize their performance,” Jain said – and added: “This mission is not yet over.” Also Fitschen also dismissed any thought of a resignation of itself.
share since April at low altitude
The strong operating performance of the Bank was currently covered by “negative news, the headlines of earlier rights violations and inappropriate behavior of individuals,” Fitschen said. This be contrary to the claim of the Institute, to be a leading global bank. “Because we still have some way to go. We win trust back through the integrity and performance of our employees.”
At the market to keep doubts about whether the sale of Postbank , the closure of up to 200 own branches and cuts in capital market business in Germany make the biggest money home really profitable are , The announcement of the new strategy was the end of April the price of German bank shares crash.
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New scandal-control
And still devour litigation billion. Are the provisions of the Bank for current procedures and impending payments? Do the new internal controls in order to prevent scandals such as the manipulation of important interest rates (Libor, Euribor) in the future?
These questions should be answered an independent special auditor by the will of the German protection combination for security possession (DSW). The Aktionaersschuetzer established a requirement that the shareholders’ meeting votes on the establishment of such auditor.
headwind when it comes Libor
When it comes Libor is another headwind: According to media reports the US shareholder adviser ISS, the large institutional investors such as mutual fund companies has one of its customers, has advised investors to board does not relieve. Unsatisfactory risk management in the case of Libor have led to higher penalties than necessary.
$ 2.5 billion overseer had aufgebrummt in the United States and Britain to the German market leader in April, the highest ever penalty in the Libor scandal. A non-discharge of the Board by the shareholders would indeed have no direct consequences, but would be a warning shot.
Video: Opening the German bank process
Supervisory Board Chairman Paul Achleitner said the “Wirtschaftswoche” on the question of whether Jain and Fitschen were irreplaceable: “Who is that already it is about the future of the institution German Bank , not the individuals.”
Fitschen: “Grateful to ask me questions from the Court”
Fitschen is currently on suspicion of an attempted process fraud Kirch method in Munich in court. “We observe and assess the progress of the process exactly. We are doing quite sober, without regard to personal wishes and sympathies,” the chairman of the board commented. “Of course we would be happy if at the end is an acquittal.”
Fitschen himself told the “Frankfurter Allgemeine Sonntagszeitung” overlooking the Kirch process: “I am thankful that I will soon get the opportunity to me to ask the questions of the Court and explain why the charges brought against me are baseless accusations. ” At the same time he admitted that it was a “unfamiliar feeling” to find himself in the dock again. He will do everything to ensure that the process does not hinziehe. “Half the day is gone, and there wait plenty of other tasks.”
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