Deutsche Bank’s share price has lost a good 16 percent since the beginning of the year.
(Photo: dpa)
Frankfurt It is a change of staff in turbulent times: When the shareholders of Deutsche Bank connect in front of their screens for the virtual general meeting on Thursday, the chairman of the supervisory board, Paul Achleitner, will chair the shareholders’ meeting for the last time. For ten years he worked on turning the notorious scandalous noodle into an institute that is “a bit more boring”, as CEO Christian Sewing promised after taking office.
Along the way, Achleitner has worn out three CEOs in Anshu Jain, Jürgen Fitschen and John Cryan. In April 2018 he then promoted Sewing to CEO – whom many investors now trust to successfully transform the bank. Sewing, particularly in its early years, managed to get spending under control and trim parts of powerful investment banking. Just in time for Achleitner’s farewell, Deutsche Bank is paying out a dividend again after a two-year break, because billions in losses have turned into billions in profits.
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