It’s mid-October at the offices of a major shareholder of Deutsche Bank, Germany’s largest bank. Paul Achleitner, the controversial chairman of the bank’s non-executive supervisory board, has announced plans for a visit.
Indeed, there’s a lot to discuss: what will the bank’s strategy look like and when will an agreement finally be reached with the U.S. Justice Department on the feared multi-billion dollar fine for bad mortgage deals? And should Mr. Achleitner, whom investors hold partly responsible for the bank’s plight, extend his term in office beyond spring 2017?
There are many questions but few concrete answers. One inside source at the meeting described Mr. Achleitner as charming and eloquent, but said that the 60-year-old Austrian refused to be pinned down. In regards to the bank’s strategy, Mr. Achleitner is alleged to have hinted at a possible reintegration of retail bank Postbank and a partial withdrawal from the United States. On the issue of his own future, he was less forthright.