While most Deutsche Bank investors must wait for news about the lender’s latest revamp effort, one of its largest shareholders may get a level of access that the rest don’t share.
The bank has hired a unit of Cerberus Capital Management to advise the on how to hit CEO Christian Sewing’s profit targets. Cerberus Operations Advisory Company will help the bank drive down costs and squeeze out extra revenue, a person with knowledge of the matter told Bloomberg News, asking not to be identified discussing private information.
The arrangement means a big investor may gain a level of access and insight into the bank’s operations not enjoyed by other shareholders. Cerberus disclosed a stake of 3% in November last year and since then the stock has lost more than one third of its value. Cerberus’ contract foresees “industry-standard remuneration,” the person said.
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