Arab Today, arab today deutsche bank faces shareholder ire at annual meeting
Last Updated : GMT 04:33:33
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.

 

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
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
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