You are here
Deutsche Bank's chairman to face tough questions at annual meeting
[FRANKFURT] Investors in Deutsche Bank on Thursday will call on the loss-making lender's leadership to deliver quicker results as its share price languishes and revenue dwindles.
Deutsche's chairman Paul Achleitner and the bank's new chief executive Christian Sewing are expected at Thursday's annual general meeting to provide further details on their refocus of the bank's strategy. Deutsche plans to scale back its sprawling global investment bank and lean more heavily on retail banking and asset management.
The gathering of up to 4,500 shareholders in Frankfurt will offer investors an opportunity to vent after a string of management changes, years of continuing losses and strategy shifts.
Hans-Christoph Hirt, head of Hermes EOS at Hermes Investment Management, said in a statement on Tuesday that plans should be made for Mr Achleitner's succession.
"Paul Achleitner will need to demonstrate more effective leadership at the top of the supervisory board," Mr Hirt said.
Deutsche Bank declined to comment.
One small but vocal faction that is fed up with years of turmoil will vote to oust Mr Achleitner.
Klaus Nieding of the shareholder lobby group DSW told Reuters that he will urge the bank's new CEO on Thursday "to step on the gas from the very beginning".
"He has no more time and must deliver quickly," Mr Nieding said of Mr Sewing. "The capital market won't just stand back and watch if Deutsche Bank needs additional years for restructuring after more than five years of restructuring already. The bank can't afford this any more."