FRANKFURT, Germany – Deutsche Bank's board chairman is telling shareholders the bank is seeking "substantial" amounts of money from former executives who were in charge when the bank engaged in costly misconduct.
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Paul Achleitner told shareholders at the annual meeting Thursday that the board is in advanced talks and expects that "there will be an outcome that secures a substantial financial contribution from those involved." He didn't name names.
Deutsche Bank has struggled to move past expensive misconduct cases from the past. It agreed to a $7.2 billion settlement with the U.S. Justice Department over its role in bonds backed by house mortgages in 2005-2007.
The bank has said it has suspended deferred compensation payouts to a number of former managers.