Deutsche Bank in CRISIS – Merkel could be brought down by Germany’s biggest bank
GERMAN financial giant Deutsche Bank could see its CEO been sacked “within weeks” amid rising tensions between him and the bank’s chairman, a move that could destabilise Angela Merkel’s already fragile government.
By ALICE SCARSI
Express.co.uk
Sat, Mar 31, 2018
The position of John Cryan, the bank’s British chief executive, looks threatened by his rivalry with the bank’s Austrian chairman Paul Achleitner.
A senior source told The Financial Times Mr Cryan may be fired before the bank’s annual meeting taking place on May 24, as the company has already started looking for a new chief.
The source said: “There is no way he will make it to the AGM.”
Mr Cryan arrived in 2015 amid hopes he would have been able to give the German lender a fresh start following years of lacklustre return, legal cases and a battered share price.
But the bank’s poor performance recorded lately, together with Mr Cryan’s rumoured “lack of leadership”, could be the main reason that brought to the crisis.
In the last few months Deutsche has reported annual losses, suffered further declines in investment banking revenue and dropped its 2018 cost-cutting target.
A person familiar with the chairman’s thinking told The Financial Times: “It just appears as if John is lacking the resolve to put the strategy into practice”.
The source added that “the supervisory board is really puzzled about what has been going on with him”.
Sources in Frankfurt also argued that sacking the Briton could be Mr Achleitner’s attempt to safeguard his own position.
Although the lender’s two leading people have reportedly never had an easy relationship, the rift seems to have become wider last year.
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