Deutsche Bank is distancing itself from Schütz because of Wirecard email


The Austrian was elected to the Supervisory Board of Deutsche Bank until 2023.

Deutsche Bank is distancing itself from Schütz because of Wirecard email

Alexander Schütz, founder of C-Square

The criticized Deutsche Bank Supervisory Board Alexander Schütz no longer has an important position in the bank's supervisory body. The Austrian is no longer a member of the nomination committee, as can be seen from the list of the bank's supervisory board committees published online. This committee is important because personal details are discussed in it.

Schütz has come under fire because of an email to the former Wirecard boss Markus Braun, who is also from Austria. In February 2019 he wrote in a personal email to Braun that Wirecard should “finish” the business newspaper “Financial Times” because of its critical reports on Wirecad. In June 2020, the payment provider filed for bankruptcy, and Braun has been in custody since then on suspicion of commercial fraud.

The email available to Reuters was made public during a questioning of Deutsche Bank boss Christian Sewing in the parliamentary committee of inquiry. The bank then distanced itself from the Austrian in unusually clear terms. Both the content and the attitude of the quoted statement are “unacceptable”. At the annual media conference on Thursday, Sewing pointed out the changed composition of the supervisory board committees and brought them in connection with the said email. A spokesman for Schütz said that Schütz had decided to withdraw in order to be able to dedicate itself to further obligations with another company.

Before the end of their term of office, supervisory boards can only be replaced by a majority vote at the general meeting or if the member resigns himself. Schütz is elected until 2023.

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