Thursday, May 21, 2015

Deutsche Bank: a cultural revolution to change wanders – The World

Le Monde | • Updated | By

Anshu Jain and Juergen Fitschen, at the annual meeting of shareholders of Deutsche Bank in Frankfurt, on 21 May 2015.

The liners have something beautiful as they are slow and majestic. But the praise of slowness is a riskier art when the ship is a massive undertaking. Deutsche Bank, Germany’s leading banking group, long a symbol of unparalleled economic dynamism but entangled in a series of scandals and financial problems now seems unable to correct her way.

The master, nose to the wind, some of its luster and its unsinkable giant of the seas is too long ignored the warning signs. We know what it can give … Today, a breath of wind panic in Frankfurt. The banking group whose towers compete with the seat of the European Central Bank announced on Wednesday 20 May, a reorganization of its management. It is not sure that this flowchart change, unveiled on the eve of the general meeting of shareholders, defuses the angry wind.

Thursday, small shareholders have also had the tooth lasts. “The management board should resign. Abyssal fines saddled the benefits and consequences for missing money for reasonable projects “, has launched one of them, another stating that ” those who bought shares in the bank for retirement are now the turkey stuffing. “

” Are you the problem of the bank, the solution or both? “ also interviewed Markus Kienle, the Investor Protection Association. It aimed Anshu Jain, who avecJürgen Fitschen, leads the German group. It’s been three years since the tandem windshield the same criticisms. Three years they fail to halt the litany of scandals and, above all, they do not reach the goals they set themselves to straighten the accounts.

At that point British consulting firm Hermes to shareholders issued a letter explaining why he did “more confidence in the direction” . Already, his US counterpart, ISS, called for a vote against the outcome of this team.

When both the British and American judicial authorities, who investigated the manipulation of interbank rates, which Deutsche Bank took part, and professional investors, who are interested in anything else, are concerned about a lack of responsiveness of the same group, we can safely conclude that there is a management problem.

In the absence of a change of course, so it is a recomposition of the team to the ship’s bridge that is emerging. The Indo-British Anshu Jain expand his responsibilities to the detriment of German co-driver. The Supervisory Board has clearly invested the site restructuring announced in late April. Some heads pop, like the retail banking boss.

But after all this time and squandered credit, it is only the result that we can judge the appropriateness of decisions of the day. Above all, we should not be content. To restart the ship in the right direction, we will have the laced out some of the wheelhouse to check each rivet on the hull, but also the oil cruets in the engine room or the freshness of the dishes served to customers .

For the lack of vigilance has been generalized. So this is a profound change that we must engage a cultural revolution.


No comments:

Post a Comment