Strong European capital market needed
Europe needs a strong capital market to maintain independence from the United States and in light of Britain’s decision to leave the European Union, the chairman of Deutsche Bank’s supervisory board said.
Paul Achleitner, in an interview with Reuters ahead of the bank’s annual general meeting today, said he was motivated to sit for a second five-year term as the board’s chair so that he could contribute to making Europe’s capital market more robust.
“Europe needs a strong Deutsche Bank,” he said. “Europe needs a strong capital market in order not to be dependent on the US. And if I can make a contribution to this, then I would like to do that. Europe must not become a museum. This is more important than ever after Brexit.”
Since Achleitner assumed his first term as chair in 2012, Deutsche Bank has faced a shareholder revolt and billions in fines for its US mortgage securities business and other scandals.
In response, the bank has revamped its strategy, raised new capital and fully swapped out its senior management.
“I did not easily make the decision about a second term,” he said. “But I feel personally responsible to the colleagues whom I have brought to the management and the supervisory boards. I can’t just say, ‘Go on without me.’”