Deutsche Bank

Deutsche Supervisory Board Backs Achleitner

  • Why it matters

    Why it matters

    A change of leadership on the supervisory board could lead to greater instability at Deutsche Bank, which is undergoing a painful restructuring and trying to reduce a U.S. Justice Department fine.

  • Facts

    Facts

    • Paul Achleitner, an Austrian citizen and former Goldman Sachs banker, has served as Deutsche Bank’s supervisory board chairman since 2012.
    • Mr. Achleitner has been criticized for reacting too slowly to mounting legal problems and weak profitability that Deutsche Bank has faced in recent years.
    • Mr. Achleitner received the backing of Deutsche’s largest shareholder, the Al-Thani family of Qatar.
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    Audio

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Deutsche Bank – Paul Achleitner
Despite its troubles, Paul Achleitner will get to continue as Deutsche Bank's supervisory board chairman for another term. Source: Arne Dedert / DPA

Deutsche Bank’s supervisory board chair, Paul Achleitner, will likely live to fight another day despite shareholder dissatisfaction with his handling of the financial institution’s many problems.

According to Handelsblatt’s financial sources, the bank’s non-executive supervisory board has unanimously approved the extension of Mr. Achleitner’s contract, which was set to expire in 2017.

The unanimous decision to back Mr. Achleitner, an Austrian citizen and former Goldman Sachs banker, who has led Germany’s largest bank since 2012, came after a consulting firm conducted an evaluation of the entire supervisory board’s work. The board also consulted with bank’s most important investors.

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