Back in May, Deutsche Bank’s co-CEOs Anshu Jain and Jürgen Fitschen got a rude awakening.
At the bank’s annual meeting, less than two-thirds of shareholders said they approved of top management’s performance. That was down markedly from nearly 90% the year before.
At issue: ambiguity surrounding planned cost cuts, distant profitability targets, and investor concern about the bank’s corporate culture.
Deutsche, perhaps more than any other firm on Wall Street, embodies the corrupt bank stereotype.