Deutsche Bank Chiefs Not Feeling The Love These Days

Particularly from shareholders.
Author:
Publish date:
Updated on

Expect a lot of this.

It’s been a rough few months for Deutsche Bank’s co-CEOs, Anshu Jain and Jürgen Fitschen. The firm’s stock is results stink, its stock is tanking, some employees who they don’t even want as employees anymore are on strike, and they aren’t going to be allowed to turn the bank into Frankfurt’s largest Äppelwoilokale, which has sent its stock further into the tank. Oh yea, and one of them is on trial for perjury.

But the lowest point may yet be to come, and even a heart-rending solo performance of “Faust” by Anshu isn’t likely to appease an angry crowd.

"They'll say anything depending on what they need to say," said a third shareholder, this one among the top-20 owners….Some shareholders have said they will vote against a standard agenda item approving of management's annual performance. Already, shareholder advisory firm ISS has recommended that Deutsche Bank investors should withhold their backing and deliver an embarrassing reproach after record fines in the United States and Britain. Failure to win the requisite 50 percent support for performance in 2014 could leave management open to future legal claims that it failed to act appropriately.

Deutsche Bank co-CEOs face painful shareholder rebuke at AGM [Reuters]
Deutsche Bank co-CEO Fitschen says he never deceived in Kirch case [Reuters]

Related