It’s a brave new world at Deutsche Bank. Chief executive John Cryan today unveiled a new hashtag at the German firm’s annual general meeting (AGM).
“We have to breathe life into the Deutsche Bank brand,” he told shareholders. “Many of you have asked: what comes after ‘passion to perform’ [its advertising slogan]?
“The answer is: there isn't a new claim. Instead, there’s a hashtag, that is, the character used to create a search item on social networks: in English, this hashtag is #PositiveImpact and in German it is #PositiverBeitrag.”
In his AGM speech, Cryan also spoke of his confidence for the future of the bank after a “turbulent 2016”.
The year ended with the bank agreeing to pay $7.2bn (£5.5bn) to the US Department of Justice, settling an historic mortgage-backed securities issue.
“We still have other cases open,” said Cryan today. “But we believe the worst is behind us.”
Deutsche Bank chairman Paul Achleitner also spoke about “important legal proceedings” facing the bank, including the Department of Justice settlement.
He revealed that he expects the individuals to pay for their roles in misconduct.
“I can report today that the supervisory board has reached an advanced stage of discussions with the management board members concerned,” he said. “The supervisory board expects that in the coming months, there will be an arrangement which ensures that the individuals involved make a substantial financial contribution.”
Achleitner also used his speech to talk about the importance of building “an efficient Eurozone capital market”.
“We hope that the upcoming Brexit is a wake-up call which prompts us to become more closely integrated, for the good of Europe,” he said.
“Deutsche Bank explicitly supports European integration – especially now, since this idea is no longer universally popular…
“The management board and supervisory board concur: your Deutsche Bank should do its utmost to combat short-sighted populism and strengthen Europe for the long term.
“Deutsche Bank needs Germany and Europe, but we also assert, with self-confidence, that Germany and Europe are both that bit stronger with a strong Deutsche Bank.”
Chief regulatory officer Sylvie Matherat last month revealed the bank could move up to 4,000 jobs away from London as a result of the Brexit vote.