Word: ackermann
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...early September, Josef Ackermann delivered a triumphant message to an audience of investors and financial analysts in London: his aggressive plan to reshape Deutsche Bank was working. In chart after chart, he showed how in the 16 months since he'd taken over the €23 billion bank he had begun to dump unprofitable businesses and slash costs. His last slide was the usual boiler-plate disclaimer that said the presentation "involves inherent risks and uncertainties." It didn't mention the biggest risk of all: that Ackermann himself soon would end up in court, charged with a serious breach...
...Ackermann and his codefendants vehemently deny the charges, saying that Esser and the others deserved the payouts because they had presided over a huge increase in Mannesmann's market value. "An exceptional performance was being honored," Ackermann told Manager Magazin in June. "Such things are quite natural in other countries, but in Germany you are persecuted by public prosecutors and pre-judged by some of the media." Ackermann says he isn't stepping down even temporarily from...
...Ackermann is under fire for his role at Mannesmann, but he’s won praise for his running of Deutsche Bank pro • Took a hatchet to bloated costs • Revamped board structure • Dumped stake in dozens of firms con • Clashed with German tradition • Not as profitable as key rivals • Faces possible five-year prison term if convicted...
...Deutsche Bank. That's unusual in Germany, where executives often stay in office if they are under judicial investigation, but excuse themselves if the case goes to court. So far, Deutsche Bank is supporting Ackermann's stance, and others have defended him - including Germany's Finance Minister, Hans Eichel. "Herr Ackermann has our full confidence," Eichel told reporters. Although not directly connected to his bank job, the Mannesmann case typifies the head-on collision between Ackermann's brash style of management and the bank's more cautious German approach. Ackermann, who is Swiss, is the first non-German to head...
...Nicholas Hood of U.K. insolvency firm Begbies Traynor. "There'll be a high number of unscrupulous debt counselors bouncing firms into administration where it's not necessary." You can almost see the lawyers getting in line. When Payoffs Don't Pay A German court ordered Deutsche Bank CEO Josef Ackermann to stand trial for alleged breach of trust during Vodafone's 2000 takeover of German wireless operator Mannesmann. Ackermann, then a member of Mannesmann's supervisory board, was charged in February with sanctioning excessive payments to the firm's executives...