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Business

Deutsche Bank chairman buys nearly 1 million euros in bank shares

FRANKFURT: Deutsche Bank Chairman Paul Achleitner on Friday bought nearly 1 million euros ($1.11 million) in the bank's

August 02, 2019

FRANKFURT: Deutsche Bank Chairman Paul Achleitner on Friday bought nearly 1 million euros ($1.11 million) in the bank's shares, according to a regulatory filing.

Deutsche's shares hit a record low in June, and executives have embarked on a major overhaul of the lender.

Chief Executive Officer Christian Sewing recently announced he would invest a "substantial amount" of his fixed salary in the bank by "personally putting my money where my mouth is".

Deutsche Bank supervisory board members receive part of their annual compensation in shares, but Friday's purchase is not part of that.

The 992,380 euros in shares that Achleitner bought on Friday exceed his 2018 fixed salary from Deutsche Bank of 858,333 euros.

Deutsche shares were down 1.2% at 1259 GMT, trading at 7.009 euros per share. Achleitner bought the shares at 6.844 euros per share, according to the filing.

"Generally purchases by insiders and leadership are a good signal," a trader said.

Copyright Reuters, 2019