Deutsche Bank needs to focus on reviving its brand before it can reap the benefits of recent restructuring according to its CEO. But as Kate King reports, it's also seeking to make former bosses pay for their role in the banks turmoil.
Restructured and apparently rejuvenated It was time for Deutsche bank to face the music at its Annual General Meeting. And its shareholders were vying for blood (SOUNDBITE) (German) LAWYER AND VICE PRESIDENT OF GERMAN SHAREHOLDERS' ASSOCIATION, KLAUS NIEDING, SAYING: "The share price is pitiful. If you invested 10,000 euros into Deutsche Bank shares in 2012, you were left with 6,800 euros at the end of 2016, including the dividend." The company's CEO provided the headline grabbing statement: (SOUNDBITE) (German) DEUTSCHE BANK CHIEF EXECUTIVE, JOHN CRYAN, SAYING: "In the past few years, we've done a lot of planting and a lot of sowing, ladies and gentlemen. We have to breathe life into the Deutsche Bank brand." But the serious talk was left to the board's chairman, who said he expects former board members to pay up for their role in the misconduct, which threw Germany's flagship lender into turmoil. (SOUNDBITE) (German) DEUTSCHE BANK SUPERVISORY BOARD CHAIRMAN, PAUL ACHLEITNER, SAYING: "The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution." Deutsche is also preparing for the future. It says 2017 will continue to be a year of restructuring, but that its full-year profit prospects had improved. SOUNDBITE (English) CCLA, CHIEF INVESTMENT OFFICER, JAMES BEVAN, SAYING: "Deutsche faces problems not only in terms of historic malfeasance but also in terms of its credibility to compete in the global market place in wholesale banking and in corporate investment banking." As one of the biggest European dealers of euro-denominated derivatives in London, Deutche is also vulnerable to Brexit. It says life would become difficult if a 'hard' Brexit abruptly severed links with the continent. So, no matter how its CEO nurtures his new seeds, he still can't control the weather.