* Deutsche chairman seeks five more years
* Some hold Achleitner responsible for bank's troubles
* Supporters say departure would trigger uncertainty
By Kathrin Jones and Andreas Kröner
FRANKFURT, Nov 21 Paul Achleitner's nomination
for a new term as Deutsche Bank chairman has split investors,
with Qatar's Sheikh Hamad bin Jassim al-Thani backing him but
other shareholders reluctant to give their support, according to
people with knowledge of the matter.
His nomination, announced by the bank on Monday, is
problematic because some investors consider he did too little to
change the bank's culture, aligning himself with former boss,
Anshu Jain, and the investment bankers many blame for Deutsche's
During his four-year tenure at the bank, its stock price has
more than halved, weighed down by a string of legal issues and
fines running to billions of euros.
But some investors consider that Achleitner's departure
would mean yet more uncertainty.
"The bank needs stability," said one person familiar with
the thinking of Sheikh Hamad bin Jassim al-Thani, who controls
funds that have a combined stake of roughly 10 percent. "That is
why Achleitner has his support."
Two other major investors in Deutsche, who spoke on
condition of anonymity, said they were sceptical about
Achleitner staying on. They also criticised the timing of his
nomination, which has been made while a potential U.S. fine of
up to $14 billion related to the sale of high-risk mortgage debt
securities is hanging over the bank.
"During his tenure, the number of staff have risen, the
costs have risen and litigation costs are at a record," Dieter
Hein, an analyst from Fairesearch, said.
"Achleitner has failed. A renewed term is a slap in the face
for shareholders ... he should be long gone, given this
A spokesman for the bank said that Deutsche Bank's
supervisory board had nominated chairman, Achleitner, for
The spokesman also said an internal investigation had
cleared Achleitner of wrongdoing in connection with the bank's
manipulation of interbank borrowing rates including Libor, which
cost it a record $2.5 billion in fines from U.S. and British
Shareholders will vote on Achleitner's nomination for
another five-year term as chairman at the bank's annual meeting
"Of course Achleitner made mistakes, such as holding onto
the old leadership," Ingo Speich, a fund manager at Deutsche
shareholder Union Investment, said.
But Speich said he would nevertheless support him to avoid
months of confusion that would follow his departure. "There are
too many problems that have to be solved."
(Writing By John O'Donnell. Editing by Jane Merriman)