Anshu Jain (l.) And Jürgen Fitschen during Annual General Meeting of Deutsche Bank on Thursday in the Frankfurt Festhalle.
The pressure on the top of the Deutsche Bank is intensifying by the day. At the AGM on Thursday shareholders abgemeiert the board after all the abusive criticism, then relieved only with a historically bad result. Now ask big investors “consequences” – in plain language, the dismissal of Anshu Jain and Jürgen Fitschen as co-heads of the Bank
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Author: Georg Meck, Deputy Head of Economics and “Money & amp; More “the Frankfurter Allgemeine Sonntagszeitung
The trust is gone, so it sounded already on the shareholders’ meeting. At most, half a year on probation was still in there, now the tone is a survey of newspaper under significant owners of the bank.
“The Supervisory Board is required,” it says in unison. And what does the? Nothing at all. The also requested upper inspector Paul Achleitner silent. Whether from tactics or because he needs to digest the result only? Anyway, come out of the twin towers in Frankfurt for the weekend just two words: “No comment.”
This is the only German bank world-class
One thing is certain: The vote (61 percent for the dual leadership) is devastating prevailing opinion. “After this vote, the board can no longer look into the eyes,” said Hans-Martin Buhlmann, chairman of the “Association of institutional private investors”. “The dual leadership now needs urgently success, otherwise their mission ended prematurely” warns Ingo Speich, fund manager at Union Investment.
Even long-serving professionals do not remember similar operations in DAX companies. Ordinarily, the actions of the Executive routine at general meetings. 99 percent support are normal, all under 95 percent is extremely rare. Such accidents happen really only in the existential crisis of enterprises, just before its collapse.
Of this, fortunately, the German bank is far away: It is and remains the only German bank of international standing, though the market value knocked off of the Champions, which is also the fact that the billions in profits from the actual business plan go for sins of the past – this shocked the owner of the group even more. After all, it is their money that is spent on lawyers because, comparisons and penalties in the world.
The symbolic head of this misery is just that Anshu Jain. A prisoner of its history, as in the question scandal years leader of investment bankers in London.
Achleitner is at a distance
20 years of service anniversary in the Deutsche Bank celebrates Jain this year. Who has the time, purchased the company’s shares in 1995, is poorer today: The assets of the owner has not even kept its value. Benefits the employees, the managers, most notably the investment bankers, the million salaries have plugged in and have the group eingebrockt thousands litigation.
More than eight billion euros were already spent, complain the owners of the bank, who zeroed in on the management. From low interest rates, regulatory over-zealousness and other adversities as an excuse for poor performance which no longer want to hear. The board is to kindly judge, anyway.
The fate of the dual leadership now depends on two men: Paul Achleitner, supervisory board president who – before the wrath of shareholders also captures him – goes recognizable at a distance. Crunchy vows of him are rare these days.
And then there’s Larry Fink, major shareholder of the Bank and as head of the most powerful BlackRock Investor on the globe. And a personal friend of Anshu Jain years. Fink was a key player who has helped in ugly scramble for the Ackermann’s successor at that time, Jain enforce as co-head of the bank. They know each other, one may.
market capitalization below book value
BlackRock is now the leading investment company in the world and the most important partner of the Deutsche Bank. Only you, the Board thanks to the fact that he was at all relieved. In addition, the sheikhs of Qatar, the second most important owners, with their voices on the spot and the bankers themselves were having their share certificates. Otherwise, there was little help from the shareholders – Anshu Jain had apparently miscalculated when he had said last week in an interview with the Frankfurter Allgemeine Sonntagszeitung:
“The support of investors for us is strong.”
Of course, Larry Fink did not disappoint him. Only: The business of the investment firm BlackRock is to multiply the money entrusted to it. With German Bank shares the difficult. Here Anshu Jain sits today only where it sits, because he had the reputation of a “money machine”, a magician of the capital market. For the art of making billions on the trading floor still more billions, but Fink has admired the Indians. That’s why he has supported him from the beginning.
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In the current delicate situation of the Americans refused any comment – the man is accustomed directly to the talking Management, he has no need to take public reprimand by influence on the personnel policy of companies.
But how can the dual leadership to save themselves? What helps the management? Better numbers, as usually. Even better: a miracle. Anyway, it’s hardly done so, when the share price ten percent trundles upwards as long as the group on the stock market is not even worth as much as he has available assets in the books.
In the judgment of the market players, this means: Locks the store that sells inventory! The fact that the market value is below the book value, as this phenomenon is called in the jargon, is “not a condition unacceptable”, Jain and Fitschen last week have given the FAS interview. “We are doing everything possible to change this”, they have added. Only, it lacks the market belief that them succeed so quickly.
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