Deutsche Bank wants former bosses to share past misconduct costs

Deutsche Bank

Deutsche Bank expects former board members to voluntarily pay substantial sums for their role in past misconduct which has tarnished the reputation of Germany’s biggest lender, its chairman Paul Achleitner said on Thursday.

Achleitner told shareholders at Deutsche Bank’s annual general meeting that the supervisory board and two committees were discussing the need for personal and collective responsibility and the bank had sought external legal advice.

“The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution,” he said, adding that while no decision had yet been reached, discussions were at an advanced stage.

The talks are focusing on why Deutsche Bank’s own response was so slow, as well as its involvement in a series of financial scandals, Deutsche Bank sources told Reuters. Collective responsibility of the board for the company’s actions as a whole were at the centre of the talks, rather than personal failure or involvement in individual litigation cases, they added.

Achleitner did not name any individuals, but Deutsche Bank sources said the supervisory board is in talks with around ten people including former co-chief executives Anshu Jain and Juergen Fitschen, as well as other former board members including Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause and current board member Stuart Lewis.

Deutsche Bank said Lewis, who currently sits on the bank’s board, would not comment. Spokesmen for Jain and Neske said they would not comment. The other former Deutsche top managers did not respond to requests for comment

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