FINANCE

Not a stranger to unrest, set by Reuters for Deutsche Welle


Reuters. File photo: Deutsche Bank headquarters in Germany, pictured September 21, 2020, in Frankfurt, Germany. REUTERS / Ralph Orlowski / File photo

By Tom Sims and Frank Siebelt

FRANKFURT (Reuters) – As head of the Dutch insurance company Aegon (NYSE :), Alexander Vineinduts led a complex European financial institution with a worldwide staff and a large U.S. presence in a turbulent decade, an experience that should serve him well as the next chair. . Of Germany Deutsche Bank (From :).

On Friday, a committee of Deutsche Bank’s supervisory board nominated Wynaendts https://www.reuters.com/article/deutsche-bank-chair-idCAKBN2I41SQ to oversee Germany’s largest lender from next year. The full board backed him at a meeting on Sunday and shareholders will vote on his appointment in May.

If elected, the position would turn the relatively unfamiliar Waynendts in Germany into one of the country’s top bankers at a time when Deutsche is still aiming for a possible future unification after a rocky decade.

Deutsche Bank’s chief executive, in a note addressed to staff on Sunday, dismissed the board’s full support for Wynandts, calling Dutchman a “true European and international finance expert”.

“Alex has experience in areas that have always distinguished Deutsche Bank: retail, corporate and capital market business, as well as asset management – and strong skills in a global network,” Sewing said in a memo that Reuters saw.

Just months after his tenure at Aegon, a company that helped pay for Dutch funerals in the mid-19th century, Wynaendts, 61, navigated a 3 billion euro ($ 3.39 billion) state bailout and restructuring as the 2008 financial crisis took its toll.

Deutsche Welle has lost billions of euros and faced huge fines, with regulators fearing it was on the verge of collapse five years ago. While it has begun to make small profits under the new leadership, lots of unfinished business remains.

The bank is currently working on a new strategy plan introduced in March and has not yet done well in its promise to cut 18,000 jobs, while analysts say it risks missing a key profit target next year.

A key question for the larger industry is the consolidation of Europe’s fragmented banks Deutsche executives say they are working to strengthen lenders for a possible future tie-up after canceling talks to merge with rival Commerzbank (DE 🙂 in 2019.

Wynaendts – who oversees a steady stream of acquisitions, settlements and partnerships from Canada to Mexico and from Romania to China for over a decade as head of Aegon – is expected to adopt the strategy.

Aegon was involved in 87 M&A deals from 2012 to 2020 based on referential data.

He will also be well aware of the low interest rates and the challenges of volatile markets, which hit Egan’s capital position near the end of his term at the company. Egan shares fell sharply during his tenure due to the financial crisis and the epidemic.

Wynaendts will take over from Austrian Paul Achleitner, another former insurance executive who previously worked at Allianz (DE 🙂 when he resigns in May. Achleitner is credited with installing current CEO Christian Sewing to help the bank turn around after several management reshuffles over the decades.

Separately, the Deutsche Welle announced on Sunday that it had taken on the role of “chief risk officer” by hunting down Olivia Vigneron from Natixis, France.

(1 = 0.8859 euros)



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button