By Dhirendra Tripathi
Investing.com – Deutsche Bank AG NA O.N. (NYSE:DB) stock was under pressure Friday following reports that the European Central Bank has asked it to quicken the search for a successor to Chairman Paul Achleitner.
The ECB has asked the German lender several times in recent months to find a new name, a Reuters report stated Friday, with Achleitner retiring in May after 10 difficult years in office.
His tenure saw two changes of CEO, billions of euros of losses and huge fines.
At 7:25 AM ET (1125 GMT), Deutsche stock traded 1.9% lower on the New York Stock Exchange, having fallen 2.5% in Frankfurt.
With less than a year to go, the bank's supervisor, the ECB, is still waiting for Deutsche to identify a successor and has ratcheted up pressure on Germany's biggest bank in recent months, Reuters said.
The ECB wants sufficient time to vet the candidate to replace Achleitner, especially given the importance of the German lender.