Deutsche Bank leaders grapple with demons from their past
Anshu Jain and Juergen Fitschen took the reins as co-chief executives of Germany’s biggest bank in June, under pressure from politicians, regulators and investors to deliver wholesale reform in the wake of the 2007-09 financial crisis.
But they are finding themselves drawn into a series of investigations into the bank’s suspected misdeeds during the boom years.
Fitschen himself is under investigation after the bank faced the ignominy of an army of 500 police and prosecutors raiding its twin-tower Frankfurt headquarters and other premises last week as part of probe into a carbon-trading scandal.
Deutsche said that so far nobody had been charged with any offences in the wake of the tax raids related to carbon certificate trading, adding it was cooperating with authorities.
However, it declined to make Jain and Fitschen available for comment.
It is not just Fitschen who is feeling the heat.
Deutsche is still being probed about its role in a global interest rate fixing scandal and faces allegations of false accounting, as well as lawsuits tied to the way it sold subprime assets to investors. Many investigations centre on its investment bank, formerly headed by Jain.
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