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Business

German Regulator Watching Deutsche's Ackermann

Germany’s financial regulator said on Monday it was observing Deutsche Bank CEO Josef Ackermann and his alleged role in approving large bonuses for managers at telecoms and engineering group Mannesmann. Ackermann, who was on the Mannesmann supervisory board when it was taken over by British mobile phone company Vodafone three years ago, is charged with breaching shareholders’ trust by approving large bonuses for Mannesmann CEO Klaus Esser and others. According to the Financial Times Deutschland, Ackermann could be forced to step down -- at least temporarily -- since the Federal Financial Supervisory Authority (BaFin) is concerned that he will not be able to properly run Deutsche Bank if he is forced to spend too much time defending himself at the upcoming trial. Ackermann, who has denied any wrongdoing, has said he has no intention of resigning.