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Deutsche Bank, Germany’s largest commercial bank, announced on May 19 local time that Paul Achleitner, the chairman of the bank, resigned and Alexander Wynaendts, the former head of a Dutch insurance company, took over for a term. Four years.
Deutsche Bank has experienced significant business consolidation and layoffs after the financial crisis, and has also been punished by U.S. and German regulators respectively, but its business has improved in the past two years and has made profits for seven consecutive quarters. Last month, Deutsche Bank was jointly investigated by the German police and regulators on suspicion of involvement in money laundering.
