+++ P.O. (FT) Deutsche Bank chairman denies pressure to step down

P.O.

What an extraordinary statement !

It reminds me of the statements of Finance Ministers saying their are not going to devalue their Country’s currency…

Let’s take a look of what Mr Achleitner has said  quoting the FT:

Paul Achleitner has denied being pressured not to seek another term as Chairman of Deutsche Bank when his mandate runs out next year.

“I keep reading anonymous statements to this effect, but in the intensive dialogue that we carry out with our investors, no one has made this demand,” he said in an interview with the German magazine Wirtschaftswoche.

Well…if he is not “being pressured” why would he deny it…?

From Goggle:

Deny
verb

verb: deny; 3rd person present: denies; past tense: denied; past participle: denied; gerund or present participle: denying

1.

state that one refuses to admit the truth or existence of.
“both firms deny any responsibility for the tragedy”

synonyms: contradict, repudiate, gainsay, declare untrue, dissent from, disagree with, challenge, contest, oppose; More
retract, take back, back-pedal;

disprove, debunk, explode, discredit, refute, rebut, invalidate, negate, nullify, quash;

informalshoot full of holes, shoot down (in flames);

disaffirm;

rarecontrovert, confute, negative

“the report was denied by several witnesses”

antonyms: confirm

•refuse to admit the truth of (a concept or proposition that is supported by the majority of scientific or historical evidence).
“an anti-environmentalist campaign group that denies climate change”

2.

refuse to give (something requested or desired) to (someone).
“the inquiry was denied access to intelligence sources”

synonyms: refuse, turn down, reject, rebuff, repulse, decline, veto, dismiss;

But of course Mr Achleitner´s performance has not been exactly great…

FT
Germany’s biggest lender has come under pressure after reporting a €6.8bn net loss for 2015 and has told investors that it will not pay a dividend this year as it tries to bolster its capital position.

The bank’s shares have fallen 58 per cent in the past 12 months. They were subject to wild swings in February as investors fretted about whether it would make payments on some of its riskiest bonds, but hit a fresh low for the year on Thursday, erasing the recovery fuelled by Deutsche Bank’s announcement that it would buy back some of its own debt.

Despite Deutsche Bank’s woes, Mr Achleitner received a much-needed vote of confidence last week after the bank’s second-biggest shareholder, Paramount Services Holdings, issued a statement saying it did “not believe it would be in shareholders’ interests” for Mr Achleitner to step down next year.

Paramount, one of the vehicles through which Qatari Sheikh Hamad bin Jassim bin Jabr al-Thani — known as HBJ — took a 6.1 per cent stake in Deutsche Bank in 2014, said Mr Achleitner’s “leadership remains an important factor underlying Paramount Services Holdings’ investment case and confidence in Deutsche Bank”.

Other investors told the Financial Times that whether Mr Achleitner, who has been chairman of Deutsche Bank’s supervisory board for almost four years, should serve another term depends on how much the bank’s performance improves.

In his interview with Wirtschaftswoche, Mr Achleitner left open whether he would seek another term or not.
End of FT Quote.

The main note is:

“should serve another term depends on how much the bank’s performance improves.”

But with so many legal liabilities pending how can anyone know…?

And the problem is that there are not enough potential good news to offset the likely bad ones…

Francisco (Abouaf) de Curiel Marques Pereira

(FT) Paul Achleitner has denied being pressured not to seek another term as chairman of Deutsche Bank when his mandate runs out next year.

“I keep reading anonymous statements to this effect, but in the intensive dialogue that we carry out with our investors, no one has made this demand,” he said in an interview with the German magazine Wirtschaftswoche.

Germany’s biggest lender has come under pressure after reporting a €6.8bn net lossfor 2015 and has told investors that it will not pay a dividend this year as it tries to bolster its capital position.

The bank’s shares have fallen 58 per cent in the past 12 months. They were subject towild swings in February as investors fretted about whether it would make payments on some of its riskiest bonds, but hit a fresh low for the year on Thursday, erasing the recovery fuelled by Deutsche Bank’s announcement that it would buy back some of its own debt.

Despite Deutsche Bank’s woes, Mr Achleitner received a much-needed vote of confidence last week after the bank’s second-biggest shareholder, Paramount Services Holdings, issued a statement saying it did “not believe it would be in shareholders’ interests” for Mr Achleitner to step down next year.

Paramount, one of the vehicles through which Qatari Sheikh Hamad bin Jassim bin Jabr al-Thani — known as HBJ — took a 6.1 per cent stake in Deutsche Bank in 2014, said Mr Achleitner’s “leadership remains an important factor underlying Paramount Services Holdings’ investment case and confidence in Deutsche Bank”.

Other investors told the Financial Times that whether Mr Achleitner, who has been chairman of Deutsche Bank’s supervisory board for almost four years, should serve another term depends on how much the bank’s performance improves.

In his interview with Wirtschaftswoche, Mr Achleitner left open whether he would seek another term or not.

“I’m certainly not waging an election campaign. If the vote was happening now, I would stand again,” he said. “I am facing up to my responsibilities, but I am not glued to my chair.”

Deutsche Bank will hold its annual shareholder meeting in six weeks’ time and is keen to avoid a repeat of last year’s event, in which a sizeable chunk of investors voted against the bank’s management board.

Mr Achleitner said he was pleased with the job being done by John Cryan, who succeeded Anshu Jain as co-chief executive of Deutsche Bank shortly after the protest vote, and who will take sole control when co-head Jürgen Fitschen steps down in May.

“I am impressed with how quickly and how deeply he has worked his way into the extremely complex company that is Deutsche Bank,” he said.swuiop