Deutsche Bank enters new era as chairman's rocky decade ends - Reuters
FRANKFURT (May 19): Deutsche Bank begins a new epoch on Thursday as chairman Paul Achleitner leaves after a rocky decade during which Germany's largest lender lost billions and saw its share price plummet.If all goes to plan at Deutsche's annual general meeting on Thursday, Alexander Wynaendts, a Dutch former insurance executive, will be voted in to succeed Achleitner.Wynaendts, who is set for a four-year term as chairman, is a former head of Dutch insurer Aegon, which also had staff
If all goes to plan at Deutsche's annual general meeting on Thursday, Alexander Wynaendts, a Dutch former insurance executive, will be voted in to succeed Achleitner.Wynaendts, who is set for a four-year term as chairman, is a former head of Dutch insurer Aegon, which also had staff around the world and a large US presence during a turbulent decade, experience that should serve him well at Deutsche.We also use third-party cookies that help us analyze and understand how you use this website.Under Achleitner, Deutsche saw multiple top management changes, entered and exited merger talks with rival Commerzbank, and also paid big fines for misconduct that regulators feared could topple the Frankfurt-based bank.Such criticism has grown since last summer as Lane and his staff repeatedly underestimated the size and duration of inflationary pressures."I look back today on eventful years in what was a difficult phase for our bank," Achleitner will tell shareholders, according to prepared remarks for the meeting.You also have the option to opt-out of these cookies."I am leaving Deutsche Bank with the deep conviction that we have all set the course for a successful future," he will add.
Deutsche has more recently entered calmer waters after an overhaul that trimmed its investment bank and cut costs by shedding thousands of staff.Necessary Always Enabled Necessary cookies are absolutely essential for the website to function properly.On top of that, the two-day policy meeting now starts on Wednesday morning rather than the afternoon and the Thursday session begins 30 minutes earlier than previously, all with the aim of leaving more space for debate, the sources said.It has posted seven consecutive quarters of profit, its longest streak in the black since 2012.But control problems continue to plague the bank, despite efforts to beef up safeguards, something Wynaendts plans to focus on strengthening further, a person with direct knowledge of his thinking told Reuters.These cookies do not store any personal information.Andreas Thomae, a portfolio manager at Deka, which is a big Deutsche investor, is set to tell shareholders he hopes Wynaendts will steer the bank"through a somewhat calmer phase"."By starting meetings earlier, the governing council has given itself more time to reach a shared assessment of the economic outlook and take collective monetary policy decisions.But in a reminder of past problems, prosecutors and federal police last month searched Deutsche's headquarters in a raid linked to suspicions of money laundering.It is mandatory to procure user consent prior to running these cookies on your website.
Deutsche said at the time that the search was related to suspicious transactions it had itself passed on to authorities and that it was cooperating fully.Subscribe to Mid-day email alert We deliver news to your inbox daily.Although the new directive also applies to Schnabel, the other board member who addresses the meeting and who is head of the ECB's market operations, her presentations on financing conditions tend to be relatively short, three sources said.
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