Shareholder support for Deutsche Bank co-CEOs drops in vote

Thu May 21, 2015 2:40pm EDT
 
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FRANKFURT (Reuters) - Deutsche Bank (DBKGn.DE: Quote) shareholders delivered a stinging rebuke to co-chief executives Anshu Jain and Juergen Fitschen on Thursday with only 61 percent of them voting in favor of their 2014 performances at an annual general meeting.

The non-binding vote is a standard agenda item at the annual meeting where shareholders are asked to “ratify” executives for their previous year’s service in a move viewed as a form of confidence vote.

In 2014, both men were supported by about 89 percent of investors in attendance.

The item took on additional importance at Deutsche’s meeting on Thursday due to investor complaints about lagging profitability and regulatory run-ins.

At the meeting, 30 percent of the group’s shareholders were present. The bank needed to win votes from half of them to ratify executives’ performance for the preceding business year.

(Reporting by Thomas Atkins; Writing by Carmel Crimmins; Editing by Louise Ireland)

 
Anshu Jain (L) and Juergen Fitschen, co-CEOs of Deutsche Bank, attend the bank's annual general meeting in Frankfurt, Germany, May 21, 2015.  REUTERS/Kai Pfaffenbach