Josef Ackermann

Ackermann and other former Deutsche Bank executives were prosecuted for attempted litigation fraud, with prosecutors alleging that they had made misleading statements during the Kirch litigation. The Munich court acquitted them in 2016, and the acquittal became final following proceedings before the Federal Court in 2019.

Attribution

Accused

Course of the proceedings

1. Formally charged — Formal charge before the current outcome

Press investigations into Deutsche Bank's relationship with Donald Trump reported that in 2011, following Trump's earlier defaults, a senior executive had sought Ackermann's opinion on new financing and that he had reportedly given his approval. The relationship was subsequently reviewed internally and became the subject of intense political controversy in the United States.

State of the evidence

Reported by the press

Attribution

Personally implicated

The SEC established that, between at least 2006 and 2014, Deutsche Bank had given jobs to relatives of public officials to influence the award or retention of business, notably in Asia-Pacific and Russia. The programme began and expanded substantially during Ackermann's tenure; the bank paid more than 16 million dollars in 2019.

State of the evidence

Documented

In 2017, Deutsche Bank agreed to a 7,2-billion-dollar settlement with the DOJ over misleading statements concerning the quality of mortgage-backed securities sold before the financial crisis. The central events dated to 2006–2007, under Ackermann's leadership.

State of the evidence

Documented

In 2015, US and British authorities reached major settlements with Deutsche Bank over the manipulation of LIBOR and other benchmark rates, covering notably the 2005–2011 period when Ackermann led the bank.

State of the evidence

Settlement

Following the suicide of Zurich Insurance's chief financial officer Pierre Wauthier, reports emerged of a note alleging pressure exerted by Ackermann, then chairman of the board. Ackermann resigned, saying he wished to avoid damaging the group's reputation.

State of the evidence

Alleged

Attribution

Directly implicated

Foodwatch made Ackermann a central target of its campaign against financial products linked to agricultural commodities, accusing Deutsche Bank of contributing to higher and more volatile food prices. Tens of thousands of people challenged the bank.

State of the evidence

Documented

Attribution

Direct responsibility

The revelation that Angela Merkel had hosted a dinner at the Chancellery for Ackermann's 60th birthday prompted criticism from the opposition and media over the use of public resources and closeness between government and major financial institutions.

State of the evidence

Documented

Attribution

Directly implicated

Berlin prosecutors examined allegations of Vorteilsgewährung relating to a federal guarantee for loans for the Baltic Sea/Nord Stream pipeline, shortly before former Finance State Secretary Caio Koch-Weser joined Deutsche Bank. Ackermann was named as a suspect in a strand of the case reopened in 2008 following actions by Leo Kirch.

Attribution

Directly implicated

During the financial crisis, a remark attributed to Ackermann that he would be ashamed to use public assistance drew political criticism, creating the image of a banker rejecting state support in the name of market orthodoxy. The controversy spread while governments were stabilising the sector.

Attribution

Directly implicated

Ackermann was prosecuted in the Mannesmann case for his role on the committee approving substantial bonuses following Vodafone's takeover. He was initially acquitted in 2004; the Federal Court overturned the acquittal and ordered a retrial. In 2006–2007, the proceedings were discontinued under German law in exchange for a payment, with Ackermann paying 3,2 million euros.

Deutsche Bank announced approximately 6 400 job cuts while reporting high profits and Ackermann was setting a 25 % return on equity target. The combination of redundancies, record profits and profitability targets triggered strong political and union controversy.

State of the evidence

Documented

Attribution

Direct responsibility

At the beginning of the Mannesmann trial, Ackermann smiled and made a victory sign in front of the cameras. His behaviour, together with statements perceived as condescending towards the German debate on remuneration, provoked a fierce public reaction and became a symbol of the distance between financial elites and public opinion.

State of the evidence

Documented

Attribution

Personally implicated