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Report: Deutsche Bank CEO in hot water over slow progress of turnaround plan

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Report: Deutsche Bank CEO in hot water over slow progress of turnaround plan

Deutsche Bank AG CEO John Cryan is said to be losing the support of some of the lender's investors amid increasing frustration about the slow progress of his turnaround plans.

Three of the bank's 10 largest stakeholders told Bloomberg News that they want to see an improvement in the next few quarters, particularly in Deutsche Bank's trading business, while another two said that replacing Cryan with an external candidate could be the best option for the lender if he fails to deliver results by the annual shareholder meeting in May 2018.

Under Cryan, the loss-making bank has been trying to regain its footing after a series of legal issues threatened its stability. Cryan is yet to deliver on his pledge to revive profits, but he has managed to please some investors by resolving the bank's legacy misconduct cases, raising €8 billion in fresh capital, and reducing risk in the bank's securities unit, according to the Oct. 10 report.

However, the lender's shares have lost roughly 8% since the capital raising, adding pressure on Cryan. On top of that, his alleged refusal to engage with the bank's key investor, Chinese conglomerate HNA Group Co. Ltd., has angered Chairman Paul Achleitner, The Wall Street Journal reported Oct. 8.