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28th April 2015
The Co-head of Germany’s biggest bank does not think in spite of many processes and sluggish business to resign.How Jürgen Fitschen has not presented his time as co-head of Deutsche Bank. Especially not expected that he must appear before a court as a defendant even the 66-year-old. Fitschen, no slick investment banker, but rather the type of an honest businessman, does not understand why it meets this procedure. He always stressed that he “neither lied cheated” have. Comparison against payment of a fine, he firmly rejected. “I repeat what I have to say. I see no reason for this charge,” he said Monday.
At the launch of the new strategy with co-chief Anshu Jain, the 66-year-old is loose and factual. Attitudes, flippant awards or gestures, such as the victory sign of his predecessor Josef Ackermann at Mannesmann trial are not Fitschens thing. “We take our responsibility unchanged with joy true,” said hinge plates on Monday when asked if he and Jain should not resign in the face of many disputes. For him, such a sentence is almost an emotional outburst. “With Fitschen you tempt anyone out from behind the stove,” says an expert on the bench. Whatever the legal problems: The payment of approximately $ 2.5 billion due to manipulation of the interbank interest rate Libor is the youngest negative peak. Also, authorities allege the processing of the scandal by the bank itself. No other money house was condemned in terms of Libor to such a high penalty. The Bank has in Europe already have to pay 725 million euros. Not for nothing shareholder representatives spoke at the meeting last year with a view to their institution of a “gigantic legal department with an attached bank”.
With all the problem lies in the business, even if the hinge plates only conditionally grants. Profit and return on Deutsche Bank have long not where they should be, according to the two bosses. On the stock markets, the German bank lags in evaluating miles behind behind the US competitors. Whether the separation has now been adopted by Postbank cause tightening investment banking and investments in the retail business sustainably positive, to be seen. Observers remain skeptical.
Little is also visible from the culture change. For Fitschen, a farmer’s son – his twin brother took over the family farm in Lower Saxony Hollenbeck – he is at heart. This has to be the banker who enjoys high reputation, especially in German SMEs because of its modest appearance still lose weight.
Fitschen, for 27 years, including positions in Japan and Thailand with Deutsche Bank as no other the current board members, does not leave much time to turn things around.
Actually hinge plates should resign in May after the General Meeting. But he has extended his contract probably also at the request of the Supervisory Board Chairman Paul Achleitner by two years until May 2017.
Author: Rolf Obertreis