It has been a year of transition at Deutsche Bank. After ten years as CEO, Dr. Josef Ackermann handed the reins to the world’s largest bank by asset to Anshu Jain and Juergen Fitschen at the end of May. The new co-CEOs promise “culture change” and a campaign to rebuild public trust in Deutsche. But by the end of the year, it became clear that it would be difficult for the new leaders to “escape their past” as the bank slid into “a swamp of scandal” (in the words of Der Spiegel). Convictions, Fines, and Settlements It was reported in March by The Wall Street Journal that the bank’s Management Board rejected a proposed €800 million settlement in the Kirch lawsuit. On December 14, the bank was ordered by a German judge to “pay damages” to the representatives of the deceased media mogul, with the amount to be determined by an outside expert. At least one analyst reacted to the news by expressing concerns over its potential effects on the bank’s “already weak capital position.” Deutsche Bank now may have to pay as much as €1.5 billion. A German court ruled on December 18, 2012 that several decisions DB shareholders [...]
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