April 3, 2018 / 4:09 PM / 16 days ago

Two large investors criticize Deutsche Bank chairman over CEO search - sources

ZUERICH/FRANKFURT, April 3 (Reuters) - Two major Deutsche Bank investors on Tuesday criticized chairman Paul Achleitner over the lender’s performance and his handling of a search for a new chief executive.

Confidence in Achleitner has been damaged, said a major shareholder. “He makes too many excuses for strategic mistakes that fall under his responsibility,” the person said on condition of anonymity.

Another major investor said, “The situation is a bit odd. Achleitner is obviously not controlling the process. All is a bit chaotic at the moment.”

Both Chief Executive John Cryan and Achleitner have been criticised for Deutsche Bank’s share price and earnings.

However Achleitner, rather than Cryan, should take the fall, said the second shareholder, who also declined to be named.

A spokesman for Deutsche Bank declined to comment on Achleitner’s behalf. (Reporting by Oliver Hirt in Zuerich and Tom Sims in Frankfurt Editing by Edward Taylor)

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