Deutsche Bank investors expressed their frustration with management at the company’s annual meeting a year ago. Weeks later, co-Chief Executive Officer Anshu Jain was gone.
Bloomberg News reports that now it’s Chairman Paul Achleitner and Jain’s replacement, John Cryan, who are set to feel the displeasure of shareholders when they gather in Frankfurt on Thursday. With revenue plunging and the need for capital mounting, some investors worry it may be just a matter of time of before they’re asked to stump up and buy new stock.
“The mood’s going to be bad, maybe even worse than at last year’s meeting,” said Klaus Nieding, vice president of DSW, a German firm that advises shareholders on company proposals.
Deutsche Bank shares dropped by almost half in the past year - erasing close to 20 billion euros ($22.6 billion) in market value - as plans to bolster capital and slash costs failed to revive confidence and profits shriveled across the industry.
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