The tandem has accumulated setbacks in three years – Les Echos

Although welded, Jürgen Fitschen and Anshu Jain are weighted by their liabilities.

The endless trouble with the law, the share price remained at the floor for lack of sufficient results are what remain in the eyes of many in tandem liabilities Anshu Jain and Jürgen Fitschen after three years at the head of Deutsche Bank. Under fire from critics, last May, at the shareholders meeting, the two co-chairs of the first German bank had acknowledged that their mandate started since mid-2012 had not been successful. But they still did not want to admit that they clearly no longer embodied the good casting to implement a strategic plan presented by themselves in 2020 and supposed to provide for the establishment in the elite rank of major global universal banks .

Yet the evening of a turbulent meeting of shareholders to discharge the leaders of only 61% was more than just a call to order. He already meant the beginning of an accelerated process of indentation. “ No one is irreplaceable “, had also warned the first critic of the bank, Paul Achleitner in an interview before the meeting of shareholders and who have great sound …

Apparently, the duo Jain-Fitschen has always seemed welded. This will remain. However, the shareholders, the political world, to a part of the bank staff, did not believe the chorus of “ Cultural Change ” intoned to envi by the Indo-German duo.

A tarnished image

Jürgen Fitschen, also president of the Federation of private banks have struggled, as an ambassador of an entire sector, to restore a tarnished image. He had gone up to deal with “populist” the German finance minister, Wolfgang Schäuble, at the time he vilified bankers creativity to circumvent the rules of law.

Scandals bursting one by one in recent years have, indeed, already cost close to 10 billion euros of fine to Deutsche Bank, including 2.5 billion for the only Libor scandal. Obviously, the two strongmen of the bank had underestimated the tenacity of supervisors.

And now a new scandal of widespread bleaching came this time from Russia … A kicking and screaming, the man who carries the biggest responsibility in all these cases is unquestionably Anshu Jain. Before 2012, he had led for ten years the investment bank of the first German bank. In recent years, many of his closest lieutenants had to leave because of the court cases. Jain’s position at the head of the bank was something untenable.

J.-P. L.