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Deutsche bosses bid to boost bank

Thursday, May 23, 2013 - 01:42

May 23 - Deutsche Bank's bosses have tried to convince sceptical shareholders at a lively annual meeting that the bank is on the right track again after facing a host of legal problems. As Sonia Legg reports, some shareholders still need convincing.

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Playing dead outside Deutsche Bank's AGM - these protesters from Blockupy Frankfurt object to the bank's support for companies linked to the arms industry. They're not the only people with concerns about Germany's largest bank. Its decision to appoint joint co-CEOs almost a year ago proved divisive. (SOUNDBITE) (German): Karl-Heinz, Deutsche Bank shareholder, saying (German): "Having two bosses at Deutsche Bank started well, especially after the change over from Ackermann. The first jobs were tackling bad debts. That's a really big problem at the bank, and hardly four weeks go by without something new coming out." Shareholders mobbed the last meeting in April calling for better corporate governance. This was a chance for Juergen Fitschen and Anshu Jain to explain how their restructuring plans are going. They've had numerous issues to deal with including an investigation into tax evasion involving carbon trading permits and allegations of mis-selling financial products. And that's not to mention the alleged rigging of benchmark interest rates. Fitschen told shareholders the company was dealing with them all. SOUNDBITE: Juergen Fitschen, Co-CEO Deutsche Bank, saying (German): "We're going to keep improving products, advice and service for our clients. We are going to keep strengthening our capital base, keep reducing risk and become more efficient. And we want to be playing a leading role in the cultural change in our sector." Fitschen and Jain insist they've shifted the culture at Deutsche towards more moderate risk taking. And they've taken steps to boost the bank's capital to weather financial shocks. But Deutsche's image has been dented by the scandals and some investors are sceptical about Fitschen's fine words. Jain may have agreed to take a voluntary pay cut - but it seems not everyone's convinced they've turned the corner.

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Deutsche bosses bid to boost bank

Thursday, May 23, 2013 - 01:42