A friend in need

16 October 2017 By Christopher Thompson Follow @CGAThompson

Reports of boardroom tension at the German bank are adding to unease among investors already rattled by a sliding share price. While boss John Cryan may be in the firing line, Chairman Paul Achleitner helped set the strategy. He shares some responsibility for the bank’s malaise.

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Tensions have arisen between Deutsche Bank Chief Executive John Cryan and Paul Achleitner, chairman of the supervisory board, over relations with China’s HNA Group, the German lender’s largest shareholder, the Wall Street Journal reported on Oct. 8.

The WSJ said Cryan has not met HNA Chief Executive Adam Tan and has told associates he wanted “nothing to do” with the group, which owns 9.92 percent of Deutsche Bank.

Last month Cryan faced a grilling from the supervisory board amid growing investor frustration over the slow speed of his turnaround plans, Reuters reported on Sept. 18.

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