Investors express their disquiet with performance at the German-based bank.
A hefty 39% of investors voted against ratifying the performance of Deutsche Bank this week, undermining the position of its co-chief executives. The vote came at the bank’s annual general meeting and follows concerns about company profits, regulatory rebukes and restructuring plans. According to BBC Online, one investor, Hermes Equity Ownership Services, said it had lost faith in the management board. German corporate governance gives investors the right to vote on performance during the course of a year. The BBC quotes co-CEO Jurgen Fitschen making a plea for continued support. He said: “…we are convinced we are moving Deutsche Bank in the right direction.”