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Drama-Thirsty Deutsche Bank Chairman Expresses Love For John Thain, And Quality Seamen

Paul Achleitner is really enjoying day one of life after Johnny Cryin, while Deutsche Bankers remain angst-ridden.

Well, Paul Achleitner is having quite the moment.


The suddenly all-powerful-yet-somehow-still-embattled chairman of Deutsche Bank has dethroned his CEO, installed what appears to be a loyal figurehead and made it clear to everyone (including livid shareholders) that he is the only HBIC at DB. And now he's apparently looking to keep the batshit momentum going with some real, err, "revolutionary" HR ideas...

Achleitner also defended his decision to propose former Merrill Lynch CEO John Thain for a position on the bank’s supervisory board, a proposal on which shareholders will vote next month. Thain’s history -- notably his lavish spending in the run up to the financial crisis in 2008 -- has attracted harsh comments from German media.
"The bank will now be steered more strongly from Germany, but the supervisory board also needs members with long experience in international finance," Achleitner said. "When you’re in rough seas, I’d rather have an experienced seaman at my side than a weekend sailor."

So there you have it folks: Paul Achleitner loves noted crisis expert John Thain, but hates weak seamen.

And that's not even the quote being laughed at hardest inside Deutsche Bank this morning. From a tipster inside the bank we have some fun color on how newly-minted CEO Christian Sewing is doing on Day One. Quoth our source, "The new CEO had a rambling 40 minute call with all MDs this morning. Money quote: "There is no Deutsche Bank without the investment bank." Seems a bit like saying, there is no Hindenburg without the hydrogen."

So, yup, problems are being solved all around and morale remains high over at Deutsche Bank.

Deutsche Bank Chairman Achleitner Says Cryan Was Too Slow to Execute [Bloomberg]



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