Deutsche Bank Reportedly Approached Former USB Executive to Replace CEO

Friday, 30/03/2018 | 15:04 GMT by Aziz Abdel-Qader
  • Investors have grown increasingly jittery about the pace of revenue ‎growth ‎and the bank’s low share price.
Deutsche Bank Reportedly Approached Former USB Executive to Replace CEO
Deutsche Bank's CEO John Cryan Bloomberg

Deutsche Bank’s chairman Paul Achleitner has reached out to Juerg Zeltner, the former head ‎of UBS Group AG’s $1.3 trillion wealth-management unit, in his search for a new candidate to ‎replace the current Chief Executive Officer John Cryan. ‎

Spiegel magazine reported on Friday, without disclosing its sources, that the lender approached other candidates, including ‎UniCredit SpA CEO Jean Pierre Mustier and Standard Chartered Plc ‎CEO Bill Winters, but most of them are thought to have spurned the ‎overture.‎

Zeltner retired from UBS in January 2018, ending a more than three-decade-long tenure with the Swiss bank, according to his biography on the ‎company’s website. ‎He originally joined Zurich-based UBS as an apprentice in 1984 ‎and served on the bank’s global executive board for nearly nine years.‎

His leadership has turned the wealth-management division into a key ‎revenue driver at UBS, mainly powered by inflows from wealthy Asian ‎clients.‎

Disagreement between Achleitner and Cryan, who has been ‎in office less than three years, is said to have flared over the latter’s ‎approach towards HNA Group Co, the Chinese conglomerate which ‎became the company’s top shareholders. ‎

Paul Achleitner, chairman of the board, was also pushing for a more ‎radical restructuring of businesses in order to “mollify investors ‎frustrated by the slow turnaround of the loss-making lender,” Reuters ‎reported earlier this week.‎

Investors have grown increasingly jittery about the pace of revenue ‎growth and the bank’s low share price. Germany’s largest lender has also attracted a ‎flurry of negative headlines following its annual reports that showed the ‎third consecutive loss in 2017.‎

Deutsche Bank’s chairman Paul Achleitner has reached out to Juerg Zeltner, the former head ‎of UBS Group AG’s $1.3 trillion wealth-management unit, in his search for a new candidate to ‎replace the current Chief Executive Officer John Cryan. ‎

Spiegel magazine reported on Friday, without disclosing its sources, that the lender approached other candidates, including ‎UniCredit SpA CEO Jean Pierre Mustier and Standard Chartered Plc ‎CEO Bill Winters, but most of them are thought to have spurned the ‎overture.‎

Zeltner retired from UBS in January 2018, ending a more than three-decade-long tenure with the Swiss bank, according to his biography on the ‎company’s website. ‎He originally joined Zurich-based UBS as an apprentice in 1984 ‎and served on the bank’s global executive board for nearly nine years.‎

His leadership has turned the wealth-management division into a key ‎revenue driver at UBS, mainly powered by inflows from wealthy Asian ‎clients.‎

Disagreement between Achleitner and Cryan, who has been ‎in office less than three years, is said to have flared over the latter’s ‎approach towards HNA Group Co, the Chinese conglomerate which ‎became the company’s top shareholders. ‎

Paul Achleitner, chairman of the board, was also pushing for a more ‎radical restructuring of businesses in order to “mollify investors ‎frustrated by the slow turnaround of the loss-making lender,” Reuters ‎reported earlier this week.‎

Investors have grown increasingly jittery about the pace of revenue ‎growth and the bank’s low share price. Germany’s largest lender has also attracted a ‎flurry of negative headlines following its annual reports that showed the ‎third consecutive loss in 2017.‎

About the Author: Aziz Abdel-Qader
Aziz Abdel-Qader
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About the Author: Aziz Abdel-Qader
  • 4984 Articles
  • 31 Followers

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