Shareholders grilling German Bank Chief: “We have extremely strained your patience” – n-tv.de NEWS

 Economy
 

 Thursday, 19 May 2016

 
 
 

  From Hannes Vogel
 

 

 
 Almost seven billion euro loss, no dividend, stock price in the basement: Shareholders make the head of Deutsche Bank at the Annual General Meeting hell. The ask for your patience. Is that enough to save their posts?
 

 
 

Paul Achleitner has just begun his speech at the meeting, as already come the first heckling. But he remains stoic. The Supervisory Board of Deutsche Bank he leads since May 2012. However, at this shareholders’ meeting, he stands in the crossfire. A record loss of seven billion euro loss has retracted his bank last year. Dividend there will not be. In the current year, the shareholders can abschminken a payout well. But Achleitner shows little nervous.

“The reputation has suffered, the confidence in the capital market has been shaken, the share price is a disaster,” says fund manager Ingo Speich from Union Investment. Since Achleitner last summer pulled the emergency brake and the new boss John Cryan called to the top of the bank, the price has halved. “The German bank is in the worst crisis in its history,” says Save.

Some shareholders have their grievances why during Achleitner Speech air. He tried to take them right at the start the wind out of the sails. “Many of them believe that the Supervisory Board and I should have intervened earlier. You accuse me of having retained too long to individual members.” The rhetorical question acknowledged the hall with applause spontaneously. As Achleitner admission that many shareholders would now ask if he was still the right one for the job.

“Depending on a person”

Many him and the board want the relief fail. The Austrians defended their utmost. The responsibility for the countless scandals that verhageln the bank numbers, is in the past. 7800 processes are still running. EUR 1.2 billion spent on lawyers since 2012 the Bank. Questionable transactions with mortgages, interest manipulation, Currency Cheat – the litigation the Bank have brewed special charges of EUR 13 billion

Achleitner speech is also a reckoning with the old forces, which at Deutsche Bank more than a decade the tone. disclosures. On taking office, the Bank was undercapitalized. And “dependent on a single business unit, investment banking and is dependent on a few, if not by one person.” A clear dig at Anshu Jain, the former star investment banker Ment, covered most of the scandals associated with his responsibilities, which are paralyzing the money home for a long time.

Achleitner has indeed made Tabula Rasa. But after three agonizing years he has sawed Jain and most of his close followers in the bank: “It was obvious that had suffered the credibility of key executives,” Achleitner admits. Many shareholders is the resolution “Anshu’s Army” not fast enough. “Our public image has yet to significantly improve,” confesses also Achleitner.

“We have to work hard”

The two bankers John Cryan and Jürgen Fitschen support Achleitner in his mission , The German bank has completely ruined their trust. “We have to work hard to us to earn this reputation back,” said Cryan. Helpful is that he speaks in almost perfect German, although he comes from the north of England. His predecessor Jain, also British, had mostly said some drought sets in German. After many listeners were dependent on the simultaneous translation. The impaired communication between boardroom and observers of the bank was almost palpable.

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After the AGM Cryan will now take over the sole leadership. Co-CEO Juergen Fitschen leaves as planned the Board. He too had been asked for an early termination of his contract by Achleitner last summer. Unlike Jain, who was sacked immediately, Fitschen could but go on for another year. After acquittal in Kirch process of 67-year-old can now assign heads held high. As a consultant, he will continue to support the bank in business with companies in Germany and Asia.

“I am aware that their patience was extremely heavy wear. Nevertheless I ask, give the new bank guide their backing” Achleitner asks towards the end of his speech. Immediately seems to be interested shareholders little. The vote on the discharge of the Management and Supervisory drags on. Dozens of speakers have announced that afternoon. Obviously, the shareholders do not have much need for discussion.

  Source: n-tv.de
 

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