Deutsche Bank plans to clarify chief executive officer John Cryan’s future Sunday as Chairman Paul Achleitner faces pressure from some key shareholders to change leadership.
The lender’s supervisory board is convening in the evening to discuss Mr Cryan’s position and a decision is planned for the same day, Frankfurt-based Deutsche Bank said in a statement Saturday. It’s unclear what direction the board will ultimately take, with large shareholders expressing mixed views on the CEO, people familiar with the matter said.
At least two key investors have been pushing for Cryan’s ouster, while another has signaled it won’t stand in the way if Mr Achleitner makes such a move, said the people, who asked not to be identified because the discussions are private. But another major owner is still backing the CEO, one person said. Deutsche Bank declined to comment on the talks.
IN a separate report Bloomberg News said the bank's supervisory board is leaning toward naming Christian Sewing to succeed Mr Cryan, according to people with knowledge of the discussions.
At stake is the future direction of Germany’s biggest lender. At the heart of the internal struggle are questions about its US investment banking operations and how big a role they should have within the broader company in the future. Mr Cryan has embarked on a review of the activities with a view to scaling them back, while Mr Achleitner still sees the US as critical to the global investment banking model.
Mr Achleitner, who has yet to publicly address the matter, broke off his vacation and has been meeting with stakeholders over the last few days to discuss his next move, the people said. Still, there is little indication what he actually intends to do, with options including keeping Mr Cryan in his post, naming an internal candidate or bringing in an outsider.
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Chief Financial Officer James von Moltke and Deputy CEOs Marcus Schenck and Mr Sewing have been the leading internal contenders, but it’s also possible that Mr Achleitner could pick a surprise external candidate, one person said this week.
The Wall Street Journal reported Saturday that Mr Schenck has been in talks about leaving the company as soon as next month because of discontent with the bank’s strategy. The newspaper cited a person familiar with the discussions. A Deutsche Bank spokesman declined to comment on the report.
Deutsche Bank and its backers have been casting a wide net to find a potential replacement for Mr Cryan. Media reports have pointed to candidates including UniCredit CEO Jean Pierre Mustier, 57, and Standard Chartered CEO Bill Winters, 56.
In the meantime, a top investor in the lender and recruiters in recent weeks have separately reached out to Bank of America’s Christian Meissner and ex-JPMorgan Chase executive Matt Zames, people familiar with the matter said this week.
Neither have signaled interest in the role, the people said. Discussions Mr Achleitner held with other candidates earlier this year also didn’t lead to an offer for the post, people familiar have said.
Uncertainty over a possible top management change has weighed on Deutsche Bank’s stock and laid bare tensions between Mr Cryan, 57, and Mr Achleitner.
Mr Cryan has been unable to restore revenue growth at the bank after reducing risk by settling legacy misconduct cases and raising fresh capital. Mr Achleitner, 61, is facing heat from investors himself after going through three CEOs in six years. Mr Cryan took over the CEO position in 2015, succeeding Anshu Jain.
Deutsche Bank stock closed down 2.6 per cent at 11.35 euros in Frankfurt on Friday, losing 28 per cent year-to-date and valuing the company at 23.5 billion euros ($28.9bn).
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg.
The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company.
When to go
The cooler winter months, from June to September, are best, especially for game viewing.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
COMPANY%20PROFILE%20
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A