Deutsche Bank hires shareholder Cerberus for advisory work [Seeking Alpha]
Deutsche Bank AG (DB)
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Source: Seeking Alpha
Deutsche Bank hires shareholder Cerberus for advisory workDeutsche Bank (NYSE:DB) hires one of its biggest shareholders, Cerberus Capital Management as a paid adviser to help the troubled lender rein in costs and reverse three years of corporate losses, theWall Street Journal reports.Cerberus President Matt Zames, a former COO at JPMorgan Chase, is heading the advisory team working with Deutsche Bank.Deutsche Bank had sought to add Zames to its supervisory board before he joined Cerberus in April, theWSJ says, citing people familiar with the talks at the time.Cerberus, which holds about 3% of Deutsche Bank shares, was hired by Deutsche Bank's management board. The arrangement is nonbinding, so there's no fixed length of time for Cerberus's service.Previously:Deutsche Bank rises even after failing second half of Fed stress test (June 29)Click to subscribe to real-time analytics on DBNow read:A Slight Hint Of A 2011 Feel »Subscribefor full text news in your inbox
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News
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- Deutsche Bank Aktiengesellschaft (NYSE: DB) was upgraded by analysts at Morgan Stanley from an "equal weight" rating to an "overweight" rating.MarketBeat
- Deutsche Bank Aktiengesellschaft (NYSE: DB) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Deutsche Bank Aktiengesellschaft (NYSE: DB) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Deutsche Bank Aktiengesellschaft (NYSE: DB) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
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