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The mood is already irritated at entrance. Before security check in foyer of exhibition hall, a gentleman in suit does not want to show his invitation for shareholder meeting. He talks about harassment, he’s slow enough from this bank. “We’ve lost a lot of money here,” he scolds, until security guards move from right and left, and he finally pulls out his card. The tone is set for this morning in Frankfurt, where leadership of Deutsche Bank will once again present a new beginning, but must continue to grapple with old problems.
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The Chairman of supervisory board, Paul Achleitner, also only makes start to list turbulences of past weeks. Finally, at beginning of April, head of board was re-sorted again, for third time in six years: The Briton John Cryan went, and longtime German banker Christian Sewing moved on to Chief post. Shortly before start of annual general meeting this Thursday, bank confirmed that it wants to go to ready. By end of next year, company plans to delete more than 7,000 jobs, and particularly affected is that part of banking, which was once extremely profitable and was considered particularly glamorous.
However, whim of shareholders of Deutsche Bank did not really improve se changes, after all, with reappointment of Executive Board jobs stock market value of company continued and limbo now around under eleven euros. As a result, share has fallen permanently to about a quarter of its value since 2010. The better times are refore far behind, with financial crisis and its long-term consequences with litigation and high comparative payments, Deutsche Bank has had to deal with it for too long without having to adjust to its future.
Christian Sewing-Deutsche Bank expands more than 7,000 jobs AB CEO Christian Sewing announces dismantling of thousands of jobs. Employees and employees in area of investment banking are particularly affected. © Photo: Frank Rumpenhorst/DPA lavish bonuses for management
Now, however, it should be so far. The new chairman of Board of Management Christian Sewing joins lectern. He makes every effort to signal his audience in Hall: determination. “Let me tell you clearly,” he repeats, clinging to desk and pulling his eyebrows toger. “We need to focus on what we can do really well,” says sewing, and thus initiates his plan to rebuild bank. In particular, investment banking was considered and its conclusions drawn. The result: “Overall, around 25 percent of jobs are lost in share business.” In particular, so-called interest business in USA, i.e. trading in bonds, foreign exchange and derivatives, is to be reduced.
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This step was long overdue from shareholders ‘ point of view, after all, investment banking yields narrow returns, but it does not tie up too much capital. The bank’s revenue in this division has fallen by a good two billion euros since financial crisis. This is partly due to much stricter regulation of business after financial crisis. Relevant competitors of Deutsche Bank have refore restricted ir activities here. In Frankfurt, however, it was long hoped that proceeds of securities dealers would rise again.
The more outrageous shareholders will find this morning in ballroom of fair that despite low yields, despite miserable share price, one thing is still abundant: “two billion euros in bonuses are just too much!” says Ingo spoke of union Investment and gets Applause for that. The fact that small shareholders complain is part of ritual that such a critique comes from Portfolio manager of a fund company. The billions should actually prevent an exodus of investment bankers. Now, however, many of m must go anyway.
