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Investors seethe at Deutsche Bank losses
Thursday, May 19, 2016 - 01:28
Deutsche Bank CEO John Cryan says the bank expects further litigation costs this year but is approaching the ''home straight''. As Laura Frykberg reports, it follows years of legal fees over alleged rate rigging and sanctions violations.
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Spare change is hard to come by at Deutsche Bank. A series of scandals has plunged its profits, and sunk its stock value. (SOUNDBITE) (German) SHAREHOLDER, NO NAME GIVEN, SAYING: "There are no dividends, how can anyone be pleased?" (SOUNDBITE) (German) SHAREHOLDER, MR SCHREITZ, SAYING: "Look at the share price, and they are only ever in the news with bad headlines. Nobody can be happy with that." It's no wonder that's the sentiment at the German bank's annual meeting. Since 2012, it's paid 14 billion dollars in legal costs over allegations of fixing interest rates and violating sanctions. It also lost seven billion dollars in profit last year. Now shareholders are considering an inquiry into how it's all been handled. Perhaps tempted to put their money elsewhere. (SOUNDBITE) (English) CCLA, CHIEF INVESTMENT OFFICER, JAMES BEVAN SAYING: "The US banks are well ahead of the game. They were early to sort out their problems and they have been quick seize new opportunities. I think Credit Suisse is likely to lead the charge in terms of banks able to impress shareholders." Deutsche Bank CEO John Cryan is keen to keep his though. Replacing three-quarters of his top managers as part of a restructure. (SOUNDBITE) (German) DEUTSCHE BANK CEO, JOHN CRYAN, SAYING: "I am cautiously confident we are approaching the home straight as far as litigation is concerned. We believe we're close to closing some important lawsuits this year." Shareholders no doubt holding him account to those words.
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Investors seethe at Deutsche Bank losses
Thursday, May 19, 2016 - 01:28
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