London Daily

Focus on the big picture.
Thursday, Jul 31, 2025

Deutsche Bank chairman urged to step down by US private equity firm Cerberus

Deutsche Bank chairman urged to step down by US private equity firm Cerberus

Cerberus has lost faith in Achleitner and its desire for change has increased since merger talks with Commerzbank failed earlier this year, according to the sources.
Achleitner took over as chairman of Deutsche Bank in 2012 and its share price is down more than 73% since then. Separate sources within the bank, who also wanted to remain anonymous, have told CNBC there are growing frustrations over the failed Commerzbank merger and an unsuccessful return to profitability.

U.S. private equity firm Cerberus is hoping to replace Deutsche Bank Chairman Paul Achleitner, two sources confirmed to CNBC on Tuesday.

Cerberus has lost faith in Achleitner and its desire for change has increased since merger talks with Commerzbank failed earlier this year, according to the sources. The private equity firm has a 3% stake in Deutsche Bank.

The German bank has declined to comment on the story which first reported by the Financial Times. However, two people familiar with the matter told CNBC on the condition of anonymity that Cerberus was indeed pushing for the 63-year-old chairman to be replaced.

Germany’s flagship lender has been in the news for all the wrong reasons — from settlements with the U.S. Department of Justice, to management reshuffles, weak earnings, massive fines, constant restructuring, merger speculation and steep stock price falls.

In the past, Deutsche Bank’s other big shareholders have raised concerns about the bank’s failing strategy and have called for a reshuffle of the board. In May, Deutsche Bank’s proxy advisor Institutional Shareholder Services (ISS) called for shareholders to vote against the board, citing a series of scandals resulting from the bank’s failure to uphold anti-money laundering controls and causing reputational and monetary damage.

The FT has also reported that the lender’s other large shareholders – members of the Qatari royal family, funds managed by former J.P. Morgan Chase executive Doug Braunstein and asset manager BlackRock – have concerns about Achleitner’s performance.

Achleitner took over as chairman of Deutsche Bank in 2012 and its share price is down more than 73% since then. However, the sources told CNBC that he is keen to stay on until the end of his term in order to oversee Deutsche Bank’s 150th anniversary next year. Achleitner’s term is due to end in 2022.

Achleitner has presided over a number of management changes at Deutsche Bank, from co-CEOs Anshu Jain and Jürgen Fitschen to John Cryan and now Christian Sewing. Separate sources within the bank, who also wanted to remain anonymous, have told CNBC there are growing frustrations over the failed Commerzbank merger and an unsuccessful return to profitability.

However, ousting a chairman of the board is not easy in Germany. The shareholders will either need to wait until the next annual general meeting, which takes place in May 2020, or form a majority to call in an extraordinary shareholder meeting. For now, the pressure is building on the board to recalibrate its strategy.

Deutsche Bank has been under pressure for a number of years to trim its investment banking division. The bank reported massive losses in the third quarter of 2019, with a 5% fall in investment banking revenues from a year ago. Investment banking is a specific division related to the creation of capital for other companies, governments and other entities.

In July, Deutsche Bank announced it will cut 18,000 jobs for a global headcount of around 74,000 employees by 2022. The bank aims to reduce adjusted costs by a quarter to 17 billion euros ($19 billion) over the next several years.

Shares of Deutsche Bank were up 1.8% on Tuesday morning but are down more than 20% over a 12-month period.
Newsletter

Related Articles

0:00
0:00
Close
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Procter & Gamble to Raise U.S. Prices to Offset One‑Billion‑Dollar Tariff Cost
House Republicans Move to Defund OECD Over Global Tax Dispute
Botswana Seeks Controlling Stake in De Beers as Anglo American Prepares Exit
Trump Administration Proposes Repeal of Obama‑Era Endangerment Finding, Dismantling Regulatory Basis for CO₂ Emissions Limits
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
A family has been arrested in the UK for displaying the British flag
Mel Gibson refuses to work with Robert De Niro, saying, "Keep that woke clown away from me."
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
The British propaganda channel BBC News lies again.
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
×