Deutsche Bank said Monday that the bank's Chief Executive Josef Ackermann won't take over as chairman of the supervisory board when he steps down in May, and it is proposing Allianz SE financial chief Paul Achleitner for the position instead. Citing "extremely challenging" conditions on the international financial markets and in the political-regulatory environment," Mr. Ackermann said he must focus on his tasks as CEO right now, according to a statement from the bank. This means he can't spend time seeking the support of shareholders for his bid to be supervisory board chairman. Supervisory board candidates need the support of 25% of the shareholders to be elected. A person familiar with the matter told Dow Jones Newswires that Mr. Ackermann didn't have the time do the necessary lobbying and couldn't win their backing. Another person familiar with the matter said: "It became obvious that Ackermann couldn't secure this." [WSJ]
Bonus Watch '13: Deutsche Bank Is Mulling Over The Idea Of Paying A Li'l Less This Year, Would Appreciate Rivals Throwing Them A Bone And Doing The Same
The Germans might take an ax to bonuses, cutting them by 20 percent, or they might not. According to CEO Anshu Jain, what it may come down to is whether or not other banks will help him out here by getting on board with the proposed reductions, as it would make DB look bad to be the only firm doling out tough love this year. Thanks in advance.