Arab Today, arab today deutsche bank faces shareholder ire at annual meeting
Last Updated : GMT 08:44:49
Arab Today, arab today
Arab Today, arab today

Deutsche Bank faces shareholder ire at annual meeting

Arab Today, arab today

Arab Today, arab today Deutsche Bank faces shareholder ire at annual meeting

Deutsche Bank
Frankfurt - AFP

Deutsche Bank, Germany's biggest lender, faced the wrath of shareholders over its poor profitability and wave of scandals at the annual meeting Thursday, while promising to make improvements.

"We have made progress, but our work is not complete... We know you are disappointed," one of the co-chief executives Anshu Jain told around 4,000 shareholders who attended the meeting in Frankfurt's trade fair hall.

"We have a clear strategy.... We are convinced we are on the right path."

Shareholders, however, did not appear to be convinced.

"Management should step down. The horrendous fines are eating away profits and as a result there's no money left for sensible projects," complained one small-time investor, Walter Liehmann.

"I'm deeply disappointed and frustrated," said another,  Peter Simm.

Deutsche Bank's good reputation was "in tatters. People who bought the bank's shares for their pensions are the fools," Simm said.

The two CEOs, Jain and Juergen Fitschen, are both under fire because the bank has so far failed to meet its profit targets for this year.
But Fitschen insisted that the bank was working on being "better capitalised, and less leveraged. more focused, and as a result more cost-efficient."

But he conceded that the bank had not "delivered, so far, the returns you expect and deserve."

Deutsche Bank, which employs a workforce of more than 98,000 and has annual revenues of some 32 billion euros ($36 billion), is torn between its ambitions in investment banking, on the one hand, and its historic domestic retail banking network on the other.

Despite substantial efforts to cut costs and diversify, the bank continues to lag a long way behind its Anglo-Saxon rivals.

Shareholders are more enraged, however, over the perceived failure of Jain and Fitschen to throw off the scandals dating back to the reign of their predecessor Josef Ackermann.

Deutsche Bank is mired in around 6,000 different litigation cases and was recently fined a record $2.5 billion for its involvement in an interest rate-rigging scandal.

"There is no doubt that Deutsche Bank's public image has suffered greatly," said the bank's supervisory board chief Paul Achleitner.
Like its rivals, Deutsche Bank also faces the challenges of low interest rates, increased regulation and tougher competition> It unveiled at the end of April a battle plan for boosting profitability.

That included the sale of its Postbank unit, the closure of 200 out of 700 branches in Germany and the expansion of its Internet banking services.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today deutsche bank faces shareholder ire at annual meeting Arab Today, arab today deutsche bank faces shareholder ire at annual meeting

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today deutsche bank faces shareholder ire at annual meeting Arab Today, arab today deutsche bank faces shareholder ire at annual meeting

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday