Criticism of Deutsche Bank CEO John Cryan is intensifying after it was announched on Friday that DB will take a €1.5bn charge following changes to the US tax code.
Shares in DB fell nearly 6% after the announcement that it will not make a profit for 2017.
DB also posted annual losses in 2016 and 2015 under Cryan.
Cryan has also been fingered by this blogger as a eugenicist Globalist who has deliberately helped withhold from me a new ATM card, cutting me off from the money in my bank account here in the middle of Larisa, exacerbating an already extremely dangerous situation for me and for all the people I help with my information.
I am going to demand that he personally pays me compensation for damage done to me in an email coming soon.
Deutsche Bank’s warning last week of a third year of losses has prompted some investors to question whether John Cryan should be given more time to turn around the bank, after less than three years as chief executive.
After the initial shock of Friday’s announcement by Deutsche Bank that it would post a third consecutive annual loss in 2017, some shareholders are now airing their impatience.
Several top 20 shareholders contacted by Reuters say that Deutsche Bank must swiftly close the gap with its U.S. rivals by winning back market share and improving the performance of its investment bank, especially in the United States.
And support for Cryan, who became CEO in 2015 and was charged with turning the struggling bank around, is waning among some investors who are concerned by the slow progress made.
The 57-year-old British former UBS investment banker had raised their hopes last July when he said that he expected Deutsche Bank to finally return to profit in 2017.
“The pressure on John Cryan will now increase,” one major shareholder told Reuters, speaking on condition of anonymity.
Some investors are publicly calling for Deutsche Bank to consider replacing Cryan as CEO following the forecast.
“It should be considered,” Michael Huenseler, head of credit portfolio management at Assenagon, which owns Deutsche Bank shares, said. “Cryan earns a lot of credit, but going forward, I feel it is time for a discussion of a change of strategy at the top and that comes with a different management.”
uring his tenure, Cryan has stabilized the bank, raised capital, designed an overhaul, cut costs, confronted daunting legal challenges, and managed the demands of greater regulation.
However, the bank’s shares are now trading 37 percent lower than the day he took over. The stock has lost 7.5 percent since Friday’s profit warning, with the shares hitting their lowest level in nearly two months.