Deutsche Bank Supervisory Board Chairman Paul Achleitner is self-critical on the occasion of his departure after ten years.
According to the text of the speech published on Wednesday at the annual general meeting of the largest German credit institution, which will take place online on Thursday next week (May 19), the chief controller assessed the starting conditions in 2012 differently than they present in retrospect today. The necessary change was impeded by the bank’s “inflated self-image”. The bank is now back on the right track and has the best prerequisites to keep it that way.
“Who would have thought back then that we would have to spend billions on legal costs, penalties and settlement payments over the years – for cases the causes of which for the most part lay in the past?” said Achleitner.
The successes of the head of the board, Christian Sewing, who has headed the institute since April 2018, were praised by the outgoing chief controller. After difficult years, Sewing ordered a radical restructuring of the bank and brought it back to billions in profits in 2021.
The head of the supervisory board also certifies “very good work” for John Cryan, who took office as a reorganizer in 2015. But he will continue to refrain from criticizing previous generations of managers, says Achleitner. He didn’t say a word about former CEOs like Anshu Jain, Jürgen Fitschen or Josef Ackermann.
The 65-year-old Achleitner is no longer a member of the supervisory board after two five years. The long-standing CEO of the Dutch financial group Aegon, Alexander Wynaendts, is to become the successor.