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Report: Deutsche Bank chairman Achleitner on lookout for successor

Deutsche Bank AG Chairman Paul Achleitner is looking for his potential successor, although he intends to complete his term ending in 2022, people with knowledge of the matter told Bloomberg News.

The move is partly due to investor criticism over succession planning at the bank, according to the sources. Achleitner, who has served as chairman of the German lender since 2012, has overseen a series of failed restructurings, senior management changes and a declining share price during his tenure.

In July, Deutsche Bank CEO Christian Sewing unveiled a €7.4 billion revamp of Deutsche, which includes the elimination of 18,000 jobs by the end of 2022, to focus on core businesses. The lender also reported a second-quarter net loss attributable to shareholders and additional equity components of €3.19 billion from a year-ago net income of €361 million.

Meanwhile, Deutsche Bank is understood to be considering appointing former UBS Group AG wealth management head Jürg Zeltner as a new member of the supervisory board, sources told the newswire.