Huge losses and restructuring costs – gone are the days of record profits at Deutsche Bank. The aim of the new CEOs to make the bank fit for the future is being hampered by Deutsche Bank’s sins of the past – and legal battles.
At its annual shareholder meeting, Germany's scandal-hit Deutsche Bank has said it's seeking to make former top managers pay for past mistakes. Investors want a bigger say in future capital increases.
A Munich court has acquitted Deutsche Bank co-CEO Jürgen Fitschen and four former executives of fraud charges. The bankers had been accused of giving false testimony in a legal battle with the defunct Kirch media group.
Germany's biggest lender reportedly plans to withhold millions in bonuses for former board members and demand the repayment of existing bonuses. The move comes as the bank is still struggling to stay afloat.
With record losses, dismal stock prices, and a quarrel in the oversight committee, there was plenty of incriminating material at hand. But stockholders seemed rather resigned to the misery during their annual gathering.
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