Deutsche Bank Co-Chief Executive Officer Juergen Fitschen is seeking to keep prosecutors from filing charges against him. If he fails, he may have to juggle his duties with his defence as his predecessor did a decade ago.
Bloomberg News reports that Munich prosecutors are weighing whether to charge the 65-year-old Fitschen with attempted fraud in a legal battle with the heirs of the late Leo Kirch, the man who dominated Germany’s media market for four decades until his group went bankrupt in 2002.
The case highlights the increased oversight banks face and any charges threaten to distract Fitschen as Deutsche Bank seeks to resolve regulatory probes into benchmark interest and currency rates. Deutsche Bank said yesterday that pretax profit rose 16% in the second quarter from a year earlier. The company increased its litigation reserves by $603m to $2.95bn in the quarter, its filings show.
Josef Ackermann, Deutsche Bank CEO from 2002 to 2012, continued to work while he faced charges a decade ago that he approved what prosecutors thought were $76.4m in over-generous bonuses as a supervisory board member of another company.
To access the complete Bloomberg News article hit the link below: