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Deutsche Bank Seeks Voluntary ‘Clawbacks’ from Former Directors
Might former Deutsche Bank board members have a shared responsibility for the bank’s past misconduct? And, if so, how much, if anything, should they be expected to pay?
At Thursday’s annual shareholders’ meeting, DB Chair Paul Achleitner said he 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.
Without identifying anyone by name, DB’s supervisory board is reportedly in talks with some 10 people, including former co-CEOs Anshu Jain and Juergen Fitschen, along with ex-board members Stephan Leithner, Rainer Neske, Henry Ritchotte, Stefan Krause, and current board member Stuart Lewis.
While the Deutsche Bank licks its wounds and works hard to repair its damaged reputation, the bank also seeks answers to several critical questions:
- Why was the bank’s response to the financial crisis, starting in 2008, was so slow?
- Why was the bank involved in a series of financial scandals after the financial crisis?
- To what extent did the board, as a whole, contribute to the bank’s actions?
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