Dismal record for the Ackermann era

According to his critics Josef Ackermann succeeded in leading Deutsche Bank into the top league of financial service providers who maximise their profits through irresponsible financing practices – e.g. coal energy, nuclear power and the arms trade – and who pioneered the introduction of highly speculative commodities funds. Through the campaign coalition “Andere Banken braucht das Land” (“We Need Alternative Banks”), several organisations – including foodwatch, the Association of Ethical Shareholders, Facing Finance, Living Without Armament and urgewald – are working together to take action against hunger makers, gamblers and warmongers.

Protest at the general meeting of Deutsche Bank

At the annual general meeting of Deutsche Bank on 31 May, the coalition plans to push its demands for a responsible business model. Therefore, the coalition has made a public appeal, encouraging people to purchase a Deutsche Bank share and come to the general meeting in Frankfurt or transfer their voting rights to members of the coalition.

foodwatch criticises speculation in agricultural commodities

foodwatch has become involved in the campaign coalition primarily to take action against the reckless speculation in agricultural commodities. The practice of gambling on commodities drives up food prices and pushes people to starvation – foodwatch provided evidence for this in its report “The Hunger-Makers”. One day after the report’s publication in October 2011, Deutsche Bank CEO Josef Ackermann promised to examine the impact of the bank’s investment in commodities. In its CSR report in March 2012, Deutsche Bank announced that it would not be issuing new exchange-traded investment products based on basic foodstuffs. However, this means that the existing products are still being sold – and continue to exacerbate the world hunger crisis.