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Deutsche on track despite coup rumour

THE SUPERVISORY board of Germany&rsquo;s Deutsche Bank yesterday moved to quell rumours of an acrimonious boardroom split, denying reports that chairman Clemens Boersig had launched a failed coup to grab the chief executive role when Josef Ackermann steps down.<br /><br />Boersig was reported to have failed in an audacious bid to succeed Ackermann last month, after the bank&rsquo;s supervisory board rejected his offer to take over.<br /><br />Ackermann has instead postponed his retirement until 2013, sparking rumours of a power struggle at the top of the bank.<br /><br />But the deputy head of the supervisory board Tilman Todenhoefer moved to reassure shareholders at the bank&rsquo;s annual general meeting, insisting that Boersig had not acted improperly. <br /><br />&ldquo;The supervisory board considers the criticism of Dr. Boersig...to be completely unfounded,&rdquo; he said. &ldquo;He did not pursue personal objectives.&rdquo;<br /><br />Speaking at the AGM, Ackermann sought to soothe investors&rsquo; concerns about the bank&rsquo;s future earnings, insisting that the bank was following the right strategy.<br /><br />&ldquo;We are confident that we will once again be able to present better revenue and profit figures to you in the future,&rdquo; he said. <br /><br />He added that the bank&rsquo;s business model had &ldquo;proven itself in the crisis,&rdquo; but warned that the next year would still be a difficult one for the firm as the global economy struggles to emerge from recession.<br /><br />Deutsche Bank moved back into the black for the first quarter of 2009, recording a profit of &euro;1.2bn (&pound;1bn) after booking its first annual loss in 50 years for 2008, of &euro;5.7bn before tax.