Tuesday , September 22 2020
Home / austria / Shareholders Deutsche Bank is annoying «DiePresse.com

Shareholders Deutsche Bank is annoying «DiePresse.com


Frankfurt, Thursday started badly for shareholders Deutsche Bank: The proportion of cash house upset after starting trading at a new low level ever, before it improved a little during the day. For a long time the Wirecard payment processor has overtaken Deutsche Bank (EUR 13.4 billion) in market capitalization with a market value of EUR 19 billion. Meanwhile, even the Austrian Erste Group is rated higher with 13.7 million euros.

At the AGM in Frankfurt, Deutsche Bank shareholders took the opportunity to critically criticize the main bank bank Christian Sewing and, most of all, chairman of the board supervising Paul Achleitner, about the fall in prices, the money laundering scandals and high salaries of executive board members.

Four headteachers since 2012

Achleitner defended himself. "Despite all the difficulties, I found that we were on track," he said. The chair of the supervisory board also justified Christian Sewing's "sudden" appointment as chairman of the executive board last year. Sewing is already the fourth head of the bank since Achleitner took over the chairmanship of the supervisory board in 2012. During this time, Deutsche Bank's share price lost around 70 per cent. The bank's earnings fell, it is considered that the digital infrastructure is out of date, there are high bonuses for workers despite losses giving rise to a major attack. He announced the sewing "significant changes" in all areas of business in the bank. "We still have too high costs, which we cannot allocate directly to our customers' service," criticized Sewing. So, the bank would have to automate much more and create a platform in the network that would be attractive to other providers. In the private and corporate customer sector, the bank has "much potential" to attract new customers, Sewing was emphasized. With the daughter for asset management, DWS, Sewing wants to rise in the Top Ten worldwide. Currently, DWS is not even among the top 20 of these companies.

The bank complained about transactions, which cover payments to companies, which have been neglected in recent years, Sewing. On the back of corporate banking and investment bank, he said, "We are ready for difficult cuts."

Stakeholders approved the first progress of the CEO. "The cost discipline is beginning to pay off," said Alexandra Annecke, Investment Manager of the Union. However, further efforts are needed. I would have to cut the bonuses for the board and the employees, cut the investment bank in the US and eliminate the legal problems of the scandals from around Danske Bank and the Panama Papers. In relation to Danske, the Bank Management Board does not continue to see any reason for provisions. "There is too much patience for the shareholders," Annecke warned.

Criticism Achleitner

Several shareholders announced that they would vote against the release of the Supervisory Board. Achleitner wanted to vote but only 0.96 per cent of shareholders. The Deka fund company wants to give Chief Executive more time to do more to implement its strategy. So one will alleviate it, says Andreas Thomae of the savings bank fund company. The patience with the manager of the supervisory board Achleitner has lost the Deka. "Dr. Despite repeated management exchanges over the past seven years, the bank's restructuring is still ongoing," Thomae criticized. (Reuters / b. L.)

("Die Presse", print edition, 24.05.2019)

Source link