trending Market Intelligence /marketintelligence/en/news-insights/trending/qUCoA8UqWbo04b7evuHk1g2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Reports: Deutsche faces fresh FCA probe, shareholder vote on special audit

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Reports: Deutsche faces fresh FCA probe, shareholder vote on special audit

Shareholderadvisory group ISS has recommended that Deutsche Bank AG shareholders vote in favor of a specialaudit that would probe whether executives fell short in their examination oflegal issues, the Financial Timesreported May 3.

Therecommendation came after Georg Thoma stepped down as a member of the bank's supervisory boardand as chairman of its integrity committee. Thoma was responsible for lookinginto potential wrongdoing within the lender's ranks and had called for a probeinto Chairman Paul Achleitner, but he was publicly criticized by DeputyChairman Alfred Herling for his approach.

ISSsaid May 3 that Thoma's sudden resignation and the circumstances surrounding itraise "concerns about the bank's internal investigations of potentialmisconduct," the FT wrote.Deutsche Bank will hold its annual general meeting May 19.

ISSalso advised that shareholders vote against Deutsche Bank's management boardpay proposals, although it said investors should back the supervisory and managementboards.

Meanwhile,the U.K.'s Financial Conduct Authority has ordered a new independent reviewinto Deutsche Bank, having found "serious" failings in the bank's moneylaundering and other controls, the FTreported May 1.

In 2015 the regulator conducted a wide-ranging review of thelender. In a March 2, 2016, letter to the bank, the regulator said: "Ouroverall conclusion was that DB UK had serious [anti-money laundering],terrorist financing and sanctions failings which were systemic in nature.Effective senior management engagement and leadership on financial crime hadbeen lacking for a considerable period of time."