FRANKFURT, Germany — Deutsche Bank’s board chairman is telling shareholders the bank is seeking “substantial” amounts of money from former executives who were in charge when the bank engaged in costly misconduct.
Paul Achleitner told shareholders at the annual meeting Thursday that the board is in advanced talks and expects that “there will be an outcome that secures a substantial financial contribution from those involved.” He didn’t name names.
Deutsche Bank has struggled to move past expensive misconduct cases from the past. It agreed to a $7.2 billion settlement with the U.S. Justice Department over its role in bonds backed by house mortgages in 2005-2007.
The bank has said it has suspended deferred compensation payouts to a number of former managers.