Deutsche Bank investors urge bank to keep lid on costs
- The meeting, the first in-person gathering since before the coronavirus pandemic started in 2019, follows one of the bank's biggest annual profits in years as it recovered from a string of crises
FRANKFURT: Deutsche Bank investors on Thursday called on the German lender at its annual shareholder meeting to keep a lid on costs, with some pledging to vote against a motion to raise pay for the bank’s chairman.
The meeting, the first in-person gathering since before the coronavirus pandemic started in 2019, follows one of the bank’s biggest annual profits in years as it recovered from a string of crises.
“What matters now is strict cost discipline. Those who keep their costs under control reduce their dependence on the macroeconomic environment,” said Alexandra Annecke, portfolio manager with Union Investment.
Andreas Thomae of Deka Investment called on management to improve efficiency.
“Growth is important, but profitability is even more important,” Thomae said.
Both said they would vote against a motion that would increase the pay of the bank’s chairman.