Deutsche Bank’s two chief executives faced down a storm of shareholder criticism on Thursday by conceding that their performance had fallen short and asking the bank’s owners for continued backing as they cut costs and reshape strategy.
Reuters reports that pressure on the management duo has risen sharply in recent weeks after the bank unveiled a restructuring plan that shareholders viewed as too little too late and that led to shares in the bank weakening.
'We have not delivered, so far, the returns you expect and deserve', Fitschen said in the text of a speech at the bank’s annual general meeting. 'We ask for your continued support'.
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