BANKING
Troubled Deutsche Bank plans board shifts
Frankfurt — Deutsche Bank is preparing to reshuffle its supervisory board as the future of CEO John Cryan and chairman Paul Achleitner is called into question. John Thain, a former CEO of Merrill Lynch, is expected to join the troubled German bank in May, according to a person with knowledge of the lender’s plans. Thain was one of four nominees invited by the supervisory board to fill positions coming open in 2018, said the person, who asked not to be identified. Cryan has been struggling to retain investor backing amid a slump in revenue despite resetting strategy since taking over in 2015. Concerns about the bank’s turnaround prompted Achleitner to hold discussions with potential successors, people with knowledge of the discussions said last week. The chairman is coming under fire for having failed to forge a recovery after going through three CEOs in six years. "I welcome the overhaul of the supervisory board, although I would have liked to see it happen earlier," said Andreas Me...
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