German financial regulators are concerned about Deutsche Bank AG’s appointment of Juerg Zeltner to the supervisory board because his role as wealth management executive could pose conflicts of interest.
They worry that Zeltner’s job running KBL European Private Bankers SA is incompatible with his oversight role at Deutsche Bank, according to people briefed on the matter. If the bank can’t find ways to mitigate the conflict of interest, Zeltner could be forced to leave the board, they said, asking not to be identified in discussing ongoing deliberations. One way to address the issue would be for Zeltner to give up his position at KBL, said one of the people.