The fund manager from Union Investment criticizes the cost discipline of Germany’s largest financial institution.
(Photo: AP/Union Investment)
Frankfurt Before the general meeting of Deutsche Bank, the fund company Union Investment criticized the comparatively weak performance of the bank for shareholders. According to fund manager Alexandra Annecke, the bank has improved a lot compared to its condition in 2019. “But the share price development is just frustrating,” she said in an interview with the Handelsblatt.
Other institutes in Europe would have left Germany’s largest money house behind. “The industry index Stoxx 600 Banks has increased by 22.5 percent in the last twelve months, the Deutsche Bank share by only 8.2 percent.”
Deutsche Bank’s payout ratio is also comparatively low. With share buybacks, the largest German commercial bank could generate a higher profit per share than with further investments in its own business operations, argued Annecke. Above all, she is bothered by the great importance of the investment bank and demands greater cost discipline from the institute.
Read the entire interview here:
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