Deutsche Bank’s Achleitner Said to Have Backing for Second TermBy and
Deutsche Bank AG supervisory board Chairman Paul Achleitner has the backing of fellow board members for a second term overseeing Germany’s biggest bank, according to a person with knowledge of the matter.
The lender’s non-executive board nominated the 60-year-old at a meeting last month, said the person, who asked not to be identified because the matter is private. A Deutsche Bank spokesman declined to comment. Deutsche Presse Agentur reported the board’s support for the chairman earlier Sunday.
Achleitner joined Deutsche Bank in 2012, the same year former co-Chief Executive Officers Anshu Jain and Juergen Fitschen embarked on a strategy that failed to pay off as misconduct costs rose and stricter capital requirements eroded earnings from bond trading, the Frankfurt-based lender’s biggest source of revenue.
The chairman, who oversaw a management shakeup in 2015, was criticized at the company’s annual shareholder meeting in May for not taking action earlier. Achleitner told investors at the meeting that Deutsche Bank needed to address its strategy before making any changes to its executive team. He signaled at the time that he’d be ready to seek another term.
John Cryan replaced Jain in July last year and became sole CEO when Fitschen stepped down this May.
Separately, Deutsche Bank has found no signs that Achleitner violated duties in his actions related to regulatory probes of bank’s role in manipulation of benchmark interest rates, Sueddeutsche Zeitung reported earlier, citing unidentified people familiar with the matter.