Troubles are nothing new, Dutch negotiator Wynaendts Deutsche sitting in a chair

Frankfurt, November. (Reuters) – As director of Dutch insurer Aegon, Alexander Wendts ran a complex European financial institution with employees from around the world, and had the experience of being the next president of Germany with a large presence in the United States during the turmoil. decade. German bank (DBKGn.DE).

Friday, Deutsche Bank Board of Supervisors Recommended by Vincents Supervising Germany’s largest lender from next year. The entire committee endorsed him at Sunday’s meeting and shareholders will vote on his appointment in May. Read more

If Deutsche, by the relatively unknown Wynaendts in Germany, is chosen with a view to a merger in the future, he will play a role as one of the country’s top bankers as it establishes itself a decade later.

Deutsche Bank’s chief executive, in a note to staff on Sunday, withdrew the full board support of Wynaendts, describing real Dutch Europeans and experts in international finance.

“Alex has experience in areas where Deutsche Bank has always distinguished: retail, corporate, capital markets and asset management, and strong global network experience,” he said in a note found by Tailor Reuters.

A few months after he took over at Akon (AEGN.AS)The company that helped pay Dutch funeral costs in the mid-19th century was reorganized by the 61-year-old Vientianes, with a €3 billion ($3.39 billion) government bailout and the 2008 financial crisis.

Deutsche has lost billions of euros and faced massive fines that regulators five years ago feared was on the verge of collapse. Despite starting to reap small gains under the new leadership, there are still many unfinished business.

The bank is currently implementing a new strategic plan that will be rolled out in March, and has yet to deliver on its promise to cut 18,000 jobs, while analysts say it risks missing a key earnings target next year.

The main issue for the industry in general is the consolidation of the fragmented European banks. Deutsche executives say they are promoting the lender for a possible future relationship after it stopped negotiating a merger with rival Commerzbank. (CBKG.DE) in 2019.

Wynaendts, who has overseen the continuous flow of acquisitions, divestments and partnerships from Canada to Mexico and Romania to China for a decade as director of Aegon, is expected to adopt this strategy.

Aegon was involved in 87 mergers and acquisitions deals from 2012 to 2020, based on refinancing data.

He is also well aware of the challenges of low interest rates and volatile markets, which affected Akon’s capital position towards the end of his tenure with the company. Akon’s shares have plummeted during his tenure due to the financial crisis and pandemic.

Wenitz replaces Austrian Paul Asletner, another former insurance manager who previously worked at Alliance. (ALVG.DE), when he resigned in May. Achleitner is proud to have established current CEO Christian Taylor to help turn the bank around after several management changes during his tenure as president.

Separately, Deutsche announced Sunday that it has played the role of chief risk officer in the search for Olivier Vigneron of Natixis, France. Read more

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Reporting by Tom Sims and Frank Sebelt; Editing: Kirsten Donovan, Jane Merriman and David Evans

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