Deutsche bank investor Riebeck-Brauerei has filed a motion seeking a vote to oust the bank's chairman Paul Achleitner at this year's annual general meeting. It is the third consecutive year that the small German investor has sought the chair's removal and comes as Deutsche Bank is in the midst of a major restructuring. The motion criticises the payment of billions of euros in bonuses despite record losses, millions in severance packages for former board members, and a failure to rein in money-laundering issues. "Personnel changes must be made," said the letter from the lawyer seen by Reuters. Last year Riebeck-Brauerei's motion garnered 9.75% of the vote, up from 9.05% in 2018. Achleitner's second five-year term ends in 2022. Beijing has started plans to merge its two largest brokerage firms in an attempt to create a competitor to rival Wall Street, Bloomberg reported last week, citic securities and csc financial started due diligence and a feasibility study on how to structure the deal along with their respective state-owned shareholders Citic Croup and Central Huijin Investment, Bloomberg reported. A merger between the two brokerage firms would create an investment bank valued at about US$70bn, surpassing Goldman Sachs and Morgan Stanley in market capitalisation. China's sprawling investment banking industry consists of more than 100 firms, the majority of which generate the bulk of their fees from retail brokerage. Beijing has long made its desire known to create an investment bank to rival the top US firms.
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