Shareholder revolt at Deutsche as 39% reject leadership
Deutsche Bank shareholders expressed sharp criticism of the German banking giants executives, with 39% of shareholders voting against the leadership’s proposals at Deutsche’s annual general meeting.
The vote reflected a significant deterioration of the leadership’s standing compared to last year, when 89% of investors voted in support of the leadership.
Deutsche has been hit by a number of legal challenges and recently had to pay a $2.5bn (€2.23bn) fine to British and American regulators in order to settle allegations of having rigged the Libor rate.
In an attempt to regain shareholder confidence, the bank announced its new Strategy 2020 at the end of last month and announced a reshuffle of its leadership, as previously reported. Yet the results suggest that a significant number of shareholders remains to yet be convinced.
Following the publication of votes, Deutsche Bank shares traded on Xetra dropped from €29.59 to €28.87 but gradually recovered to €29.06 at the time of writing.