Former board members of the Deutsche Bank are expected to face the music, as they were the ones who presided over the temporary failure of Germany’s flagship banking institution.
The bank was accused of wrongdoing by the United States Department of Justice and subsequently slapped with a US$14-billion fine. The development was significant because it reflected poorly on Germany and had the potential to derail Chancellor Angela Merkel’s efforts to stay in power in 2017.
So, the next port of call for authorities is to send a strong message to those who are responsible for the turmoil that hit the bank and to anyone else in the banking industry.
Supervisory board Chairman Paul Achleitner spoke to shareholders this week, where he said there needed to be personal and collective responsibility for previous misdemeanors.
“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,” said Achleitner.