By Eyk Henning and Steven Arons With assistance by Christoph Rauwald Source: Bloomberg.com Deutsche Bank AG plans to clarify the fu
By Eyk Henning and Steven Arons
With assistance by Christoph Rauwald
Source: Bloomberg.com
Deutsche Bank AG plans to clarify the future of Chief Executive Officer John Cryan on Sunday as Chairman Paul Achleitner faces pressure from key shareholders to take action.
With the lender’s supervisory board holding a call Sunday evening to discuss Cryan’s fate, it’s still unclear what direction the board will ultimately take, with key shareholders expressing mixed views on the CEO, people familiar with the matter said.
At least two large investors have been pushing for Cryan’s ouster, while another has signaled it won’t stand in the way if 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.
Achleitner, who has yet to publicly address the matter, broke off his vacation and has been meeting with stakeholders this week to discuss his next move, the people said. Still, there is little indication what he actually intends to do, with options including keeping Cryan in his post, naming an internal candidate or bringing in an outsider.
Chief Financial Officer James von Moltke and Deputy CEOs Marcus Schenck and Christian Sewing are the leading internal contenders for the post, but it’s also possible that Achleitner could pick a surprise external candidate, one person said this week.
At stake is the future direction of Germany’s biggest lender. At the heart of the internal struggle are questions about its U.S. investment banking operations and how big a role they should have within the broader company in the future. Cryan has embarked on a review of the activities with a view to scaling them back, while Achleitner still sees the U.S. as critical to the global investment banking model.
